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CBN lifts forex restrictions on rice, toothpicks, iron rods, 40 other items 

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CBN ban banks from spending forex revaluation gains Naira Dollar

The Central Bank of Nigeria (CBN) has lifted the foreign exchange (forex) restrictions on importation of forty-three (43) items implemented eight years ago.

Chronicle NG reports that the apex bank decision to lift forex restrictions is coming at a time when Nigeria’s economy is dwindling.

The 43 items, as disclosed by CBN, include:

Basic food items: “rice, margarine, palm kernel, palm oil products and vegetable oils, meat and processed meat products, and vegetables and processed vegetable products.

Others are: poultry and processed poultry products, tinned fish in sauce (geisha) or sardines, tomatoes or tomato pastes.

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The CBN also considered some building and construction materials: “cement, cold rolled steel sheets, galvanized steel sheets, roofing sheets, wheelbarrows, head pans, metal boxes and containers, steel drums, steel pipes, wire rods (deformed and not deformed), iron rods and reinforcing bars, wire mesh, steel nails, security and razor fencing, and poles.

The wood products are: “Wood particle boards and panels, wood fiberboards and panels, plywood boards and panels, wooden doors, and toothpicks

Also, “glass and glassware, kitchen utensils, enamelware, tableware, vitrified tiles, and ceramic.

“Textiles, woven fabrics, and clothes.

“Plastic and rubber products, polypropylene granules, cellophane wrappers and bags, soap, and cosmetics.

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“Eurobond/foreign currency bond/share purchases.

“Piston crowns, ball bearings, high-voltage cables, transformers and switch gears, and gas cylinders were also approved by CBN.

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