The Central Bank of Nigeria has announced the lifting of an eight-year ban on 43 products previously barred from accessing foreign exchange.
The Central Bank announced in June 2015 that 41 products were “Not Valid for Foreign Exchange” because they could simply be manufactured in Nigeria rather than imported into the nation.
As a result, importers of these items were forced to seek foreign exchange on the black market, where the exchange rate was often higher than the official rate.
The central bank maintained that the approach will help to preserve foreign reserves while also boosting domestic industry recovery and creating more job prospects.
However, Nigeria continues to experience a huge foreign currency shortage, causing the Naira to fall to historic lows on the unofficial market. The Naira fell to N1,040/1$ in the unofficial parallel market. This pattern of depreciation was also apparent in the official market, where the exchange rate was N776.
When it was first released, the list had 41 items, but the central bank later enlarged it to include two extra items in 2018 and 2020, respectively.
Each element on the list now includes many sub-items, as recognized by Nigerian Customs through their import codes list.
Importantly, inclusion on this list does not indicate an outright ban on imports. Rather, these commodities are barred from obtaining foreign currency through the official investor and exporter window.
The following are the 43 goods that were previously barred from accessing forex:
| Rice | Head Pans | Furniture |
| Cement | Metal Boxes and Containers | Toothpicks |
| Margarine | Enamelware | Glass and Glassware |
| Palm Kernel/Palm oil products/vegetable oils | Steel Drums | Kitchen Utensils |
| Meat and Processed Meat Products | Steel Pipes | Tableware |
| Vegetables and Processed Vegetable Products | Wire Rods (deformed and not deformed) | Tiles – vitrified and ceramic |
| Poultry – chicken, eggs, Turkey | Iron Rods and ReInforcina Bars | Textiles |
| Private Airplanes/Jets | Wire Mesh | Woven Fabrics |
| Indian Incense | Steel Nalls | Clothes |
| Tinned Fish In sauce (Gelsha)/Sardines | Security and Razor Wire | Plastic and Rubber Products, Cellophane Wrappers |
| Cold Rolled Steel Sheets | Wood Particle Boards and Panels | Soap and cosmetics |
| Galvanized Steel Sheets | Wood Fiber Boards and Panels | Tomatoes/Tomato Pastes |
| Roofing Sheets | Plywood Boards and Panels | Euro bond/Foreign Currency Bond/Share Purchases |
| Wheelbarrows | Wooden Doors | |
| Maize | Milk |
