The Central Bank of Nigeria (CBN) recently issue a directive stopping some imported goods and services from the list of items valid for forex in the Nigerian Foreign Exchange Markets.
This policy implies is that, those who import these items can no longer buy foreign currency from the official window to pay the overseas suppliers. Rather, they will have to source forex from the parallel market or Bureau De Change to pay for their imports.
The items include the following:
1.Rice
2.Cement
3.Margarine
4.Palm kernel/Palm oil products/vegetables oils
5.Meat and processed meat products
6.Vegetables and processed vegetable products
7.Poultry chicken, eggs, turkey
8.Private airplanes/jets
9.Indian incense
10.Tinned fish in sauce(Geisha)/sardines
11.Cold rolled steel sheets
12.Galvanized steel sheets
13.Roofing sheets
14.Wheelbarrows
15.Head pans
16.Metal boxes and containers
17.Enamelware
18.Steel drums
19.Steel pipes
20.Wire rods(deformed and not deformed)
21.Iron rods and reinforcing bard
22.Wire mesh
23.Steel nails
24.Security and razor wine
25.Wood particle boards and panels
26.Wood Fibre Boards and Panels
27.Plywood boards and panels
28.Wooden doors
29.Toothpicks
30.Glass and Glassware
31.Kitchen utensils
32.Tableware
33.Tiles-vitrified and ceramic
34.Textiles
35.Woven fabrics
36.Clothes
37.Plastic and rubber products, polypropylene granules , cellophane wrappers
38.Soap and cosmetics
39.Tomatoes/tomato pastes
40.Eurobond/foreign currency bond/ share purchases
It is important to emphasize that the importation of these items are not prohibited or banned. It only means that importers of these items are no longer qualified to get foreign exchange from the CBN or the official market to buy these items from overseas.
Source: http://www.newsheadlines.com.ng/
Wednesday, August 12, 2015
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