The Central Bank of Nigeria (CBN) on Monday added fertiliser to the list of items not eligible for foreign exchange (forex). This brings the total number to 42 items which the CBN will no longer allocate forex for its importation into the country.
This was disclosed in a statement signed by the director, trade and exchange department of the CBN, Ahmed Umar.
According to Umar, the ban takes effect from December 7, 2018.
CBN governor, Godwin Emefiele had hinted at the possibility of the bank adding more items to the list of ineligible items for forex.
Emefiele, while speaking at the 53rd Annual Bankers Dinner in Lagos two weeks ago, said the bank had recommendations to add more to the list of 41 items drafted in 2016.
He said the bank, based on internal research, has received a recommendation to do so, following a drop of the country’s monthly import bill from $665.4 million in January 2015, to $160.4 million as at October 2018.
The , however, assured all authorised dealers and the general public that all outstanding form M requests made for fertiliser before December 7 will be honoured by the bank.
Here is a list of the 42 items:
Rice
Cement
Margarine
Palm kernel/Palm oil products/vegetables oils
Meat and processed meat products
Vegetables and processed vegetable products
Poultry chicken, eggs, turkey
Private airplanes/jets
Indian incense
Tinned fish in sauce(Geisha)/sardines
Cold rolled steel sheets
Galvanized steel sheets
Galvanized steel sheets
Roofing sheets
Wheelbarrows
Head pans
Metal boxes and containers
Enamelware
Steel drums
Steel pipes
Wire rods(deformed and not deformed)
Iron rods and reinforcing bard
Wire mesh
Steel nails
Security and razor wine
Wood particle boards and panels
Wood Fibre Boards and Panels
Plywood boards and panels
Wooden doors
Toothpicks
Glass and Glassware
Kitchen utensils
Tableware
Tiles-vitrified and ceramic
Textiles
Woven fabrics
Clothes
Plastic and rubber products, polypropylene granules, cellophane wrappers
Soap and cosmetics
Tomatoes/tomato pastes
Eurobond/foreign currency bond/ share purchases
Fertiliser
