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Home Economy

CBN List of 43 banned items from Nigerian Foreign Exchange Market

Research Team by Research Team
June 17, 2023
in Economy, Macros
Nigerian Imports
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In a circular dated June 23rd, 2015 the central bank of Nigeria published a list of imported goods and services that will not be valid for foreign exchange in the Nigerian foreign exchange market.

According to the statement issued by the central bank at the time, the list was published “in the continuing effort to sustain the stability of the foreign exchange market and ensure the efficient utllization of foreign exchange and the derivation of optimum benefits from goods and services imported Into the country.”

It further stated that in order to encourage local production of these items, it had to exclude importers of some goods and services from accessing foreign exchange at the Nigerian foreign exchange markets.

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In exchange, the central bank believed that the policy will help conserve foreign reserves as well as facilitate the resuscitation of domestic industries and improve employment generation.

The list was initially 41 when it was announced but the central bank included two more items.

It’s 8 years since then and the jury is out on whether this policy has worked or not.

In response to calls from our readers, we provide a list of the 43 items that are illegible for accessing Nigeria’s forex market.

  1. Rice
  2. Cement
  3. Margarine
  4. Palm Kernel/Palm oil products/vegetable oils
  5. Meat and Processed Meat Products
  6. Vegetables and Processed Vegetable Products
  7. Poultry – chicken, eggs, Turkey
  8. Private Airplanes/Jets
  9. Indian Incense
  10. Tinned Fish In sauce (Gelsha)/Sardines
  11. Cold Rolled Steel Sheets
  12. Galvanized Steel Sheets
  13. Roofing Sheets
  14. Wheelbarrows
  15. Head Pans
  16. Metal Boxes and Containers
  17. Enamelware
  18. Steel Drums
  19. Steel Pipes
  20. Wire Rods (deformed and not deformed)
  21. Iron Rods and ReInforcina Bars
  22. Wire Mesh
  23. Steel Nalls
  24. Security and Razor Wire
  25. Wood Particle Boards and Panels
  26. Wood Fiber Boards and Panels
  27. Plywood Boards and Panels
  28. Wooden Doors
  29. Furniture
  30. Toothpicks
  31. Glass and Glassware
  32. Kitchen Utensils
  33. Tableware
  34. Tiles – vitrified and ceramic
  35. Textiles
  36. Woven Fabrics
  37. Clothes
  38. Plastic and Rubber Products, Cellophane Wrappers
  39. Soap and cosmetics
  40. Tomatoes/Tomato Pastes
  41. Euro bond/Foreign Currency Bond/Share
Purchases
  42. Milk
  43. Maize

Note: While the list is 43, each item on the list includes several other sub-items as captured by the Nigerian Customs using their import codes list.

The above list does not also mean that the items on it are banned from being imported. They are just banned from accessing forex from the official investor and exporter window.


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Research Team

Research Team

The Research Team at Nairametrics meticulously monitors, gathers, curates, and administers an extensive repository of both macroeconomic and microeconomic data originating from Nigeria and across Africa. Utilizing a variety of presentation formats—including documents, tables, and charts—our analysts disseminate key findings through the Nairametrics platform. Additionally, we regularly release insightful, research-driven articles that offer in-depth analyses of economic trends and indicators.

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Comments 4

  1. Femi Idris says:
    June 17, 2023 at 10:27 pm

    This is going to be a good move I believe

    Reply
    • Basil says:
      June 18, 2023 at 4:21 pm

      I hope it will be for the good of every Nigeria

      Reply
    • olu of olu says:
      June 20, 2023 at 9:48 am

      Good move indeed. what has been the benefit since buhari’s tenure.

      Reply
  2. Chim Elok says:
    October 12, 2023 at 9:23 pm

    Do not think it is meant to address the scarcity of forex bouying the high exchange rate cum inflation in the economy. Feels policy will sort of put more pressure on already pressurized forex demand and the domino-effects on other tangential economic variables

    Reply

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