Money

CBN Adds Fertilizer To Items Not Eligible For Forex

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

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