The Central Bank of Nigeria (CBN) has removed the restrictions on the importation of milk and dairy products. This decision was made after initially adding milk and dairy products to the list of items not eligible for foreign exchange (forex) on February 11, 2020.
In a notice to customers, Zenith Bank confirmed that the CBN had updated the list of eligible items for forex in a notice to commercial banks on March 12. The statement from Zenith Bank mentioned that the restriction on forex for importing dairy products and their derivatives has been lifted for all entities except selected companies. Entities that meet the necessary regulatory requirements are now permitted to source forex from the Nigeria Foreign Exchange Market (NAFEM) for these transactions.
Additionally, on October 12, 2023, the CBN announced the lifting of the ban on 43 items that were previously restricted from accessing forex. Importers of these items can now purchase foreign exchange in the Nigerian Foreign Exchange Market. The CBN has expressed its commitment to expediting efforts to clear the forex backlog with existing participants and will continue engaging with stakeholders to address the issue.
Some of the items affected by these changes include rice, cement, margarine, palm kernel, palm oil products, vegetable oils, meat and processed meat products, vegetables and processed vegetable products, poultry, tomatoes/tomato paste, soap, cosmetics, and head pans.
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