Nairametrics|The Central Bank of Nigeria (CBN) in a circular released today instructed all authorised dealers of forex to add to the official FX market, High-density polyethylene (HDPE) and Low-density polyethylene (LDPE).
Both items were previously included in item 38 of the 41 banned list and classified under “Plastic and Rubber Products, Cellophane Wrappers.”
The HS Codes for the items are as follows;
- HS Code 3901.1000,
- HS Code 3902.1000, and
- HS Code 3904.1000, are to be included to access funds from the official FX market.”
High-density polyethylene (HDPE) and Low-density polyethylene (LDPE) are key for the manufacture of plastic and rubber products such as plastic bottles, plastic bags, tubes, pipes and packaging materials.
This latest move by the CBN can be seen as an alignment of the Apex bank with the Economic Recovery and Growth Plan (ERGP), in its bid to ease the local manufacturing of the plastics and rubber products.
The Central Bank had in June 2015, issued a circular banning 41 items, including plastics and rubber products (possibly finished items) from the official foreign exchange market. Nairametrics had reported in the past that the CBN was considering excluding some items from this list. This will be the first time since 2015 that the CBN is excluding items from the 41 ban list.
Below is a copy of the circular.