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BREAKING NEWS:Full List Of Importers of Rice, Cement, Clothes, 40 Other Items Can Now Access Forex at Official Rates

Full List Of Importers of Rice, Cement, Clothes, 40 Other Items Can Now Access Forex at Official Rates..….CONTINUE READING>>>>>>

The Central Bank of Nigeria (CBN) has lifted the ban on 43 items restricted from having access to foreign exchange.

In 2015, the importers of the 43 items were restricted from accessing foreign exchange in the official market

Analysts believe that the move contributed to high inflation and standard of living in Nigeria

The Central Bank of Nigeria, on Thursday, October 12, 2023, lifted the ban on 43 items restricted from accessing foreign exchange at the official window.

In 2015, the Central Bank of Nigeria, under Godwin Emefiele, banned 41 items, restricting their importers from accessing foreign exchange at the official window.

Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso Credit: PIUS UTOMI/EKPEI Source: Getty Images

Experts pessimistic move will ease inflation, other constraints

The list was later expanded with two new items added.

Analysts believe the ban was needless and contributed significantly to rising inflation and Nigeria’s high cost of living.

In an exclusive interview, Frederick Osas, an investment banker, told Legit.ng that the ban on the items did not make common sense as they could not be manufactured in Nigeria.

“The ban aimed to encourage local production, especially rice. But you can see that Nigeria failed terribly in that regard. Instead of pushing down inflation, the ban contributed to high inflation.

Nigerians should know that the items are not banned in the country but that their importers can no longer have access to foreign exchange at the official rate to bring them to Nigeria,” Osa said.

He said that CBN and the Nigerian government must have thought that the ban affected the standard of living and inflation, but that is not entirely true.

According to him, there are other factors affecting inflation in Nigeria.

“The country is running empty on Forex, and this is because we don’t export anything other than crude oil. So, we have one commodity bringing in all the Forex, and importers will begin to scramble for the few forexes available,” he said.

He stated that the move might amount to little, especially in helping the naira regain its strength against the dollar, but that it will go a long way, especially in food imports.

He said:

“Remember that the arrowhead of inflation is food. The moment importers are allowed to import some food items into the country, it will ease the prices because there are so many mouths chasing the few available right now.”

Below is the list of the items:

Rice

Cement

Margarine

Palm kernel

Palm oil products

Vegetable oils

Meat and processed meat products

Vegetables and processed vegetable products

Poultry and processed poultry products

Tinned fish in sauce (Geisha)/sardine

Cold-rolled steel sheets

Galvanized steel sheets

Roofing sheets

Wheelbarrows

Head pans

Metal boxes and containers

Enamelware

Steel drums

Steel pipes

Wire rods (deformed and not deformed)

Iron rods

Reinforcing bars

Wire mesh

Steel nails

Security and razor fencing and poles

Wood particle boards and panels

Wood fiberboards and panels

Plywood boards and panels

Wooden doors

Toothpicks

Glass and glassware

Kitchen utensils

Tableware

Tiles-vitrified and ceramic

Gas cylinders

Woven fabrics

Clothes

Plastic and rubber products

Polypropylene granules

Cellophane wrappers and bags

Soap and cosmetics

Tomatoes/tomato paste

Eurobond/foreign currency bond/ share purchases

After 8 years, CBN Finally Lifts Ban on 43 Restricted Items in Nigeria

Ambajay reported that the limitations on foreign exchange imposed by the Central Bank of Nigeria (CBN) on importers of 43 commodities eight years ago have finally been abolished.

This was contained in a statement signed by Dr. Isa AbdulMumin, the bank’s director of corporate communications.

The development follows an earlier report by Legit.ng that the CBN clarified foreign exchange (FX) access for importers of 43 items previously restricted from obtaining FX through the official window.….CONTINUE READING>>>>>>

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