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CBN: List Of 43 Non-Eligible Items For Forex Exchange (Full List)

According to the apex bank, this action will boost liquidity in the Nigerian Foreign Exchange Market…

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$2.4 billion forex scam
CBN Governor, Yemi Cardoso

The Central Bank of Nigeria (CBN) has finally lifted the foreign exchange restrictions it placed on importers of 43 items eight years ago.

VerseNews reported that in a statement signed by CBN’s Director of Corporate Communications, Dr. Isa AbdulMumin, the bank said this is a significant change to the foreign exchange market policy.

According to the apex bank, this action will boost liquidity in the Nigerian Foreign Exchange Market and intervene from time to time, stating that interventions will decrease as liquidity improves.

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In a circular in June 2015, the CBN published a list of imported goods and services that will not be eligible for foreign exchange in the Nigerian foreign currency market. The list which was originally 41 was updated to include two more items.

Here is the list of the 43 non-eligible items CBN lifted restrictions on:

1. Rice

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2. Cement

3. Margarine

4. Palm kernel

5. Palm oil products

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6. Vegetable oils

7. Meat and processed meat products

8. Vegetables and processed vegetable products

9. Poultry and processed poultry products

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10. Tinned fish in sauce (Geisha)/sardine

11. Cold rolled steel sheets

12. Galvanized steel sheets

13. Roofing sheets

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14. Wheelbarrows

15. Head pans

16. Metal boxes and containers

17. Enamelware

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18. Steel drums

19. Steel pipes

20. Wire rods (deformed and not deformed)

21. Iron rods

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22. Reinforcing bars

23. Wire mesh

24. Steel nails

25. Security and razor fencing and poles

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26. Wood particle boards and panels

27. Wood fiberboards and panels

28. Plywood boards and panels

29. Wooden doors

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30. Toothpicks

31. Glass and glassware

32. Kitchen utensils

33. Tableware

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34. Tiles-vitrified and ceramic

35. Gas cylinders

36. Woven fabrics

37. Clothes

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38. Plastic and rubber products

39. Polypropylene granules

40. Cellophane wrappers and bags

41. Soap and cosmetics

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42. Tomatoes/tomato pastes

43. Eurobond/foreign currency bond/ share purchases

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