CBN finally lifts ban on forex access for importation of important food item

The Central Bank of Nigeria (CBN) has lifted the restrictions on forex access for importing milk and dairy products into the country.

Recall that the CBN added milk and dairy products to the list of items not eligible for Forex access in February, 2020.

Reports show that, Zenith Bank, in a recent notice to customers, stated that CBN had provided an update on eligible items for FX in a notice to commercial banks on March 12, 2024.

Zenith Bank said: “Please be informed that the Central Bank of Nigeria (CBN), through its circular Ref No. TED/FEM/PUB/FPC/001/010, dated March 12, 2024, has provided an update on eligible items for foreign exchange (Non-Valid for FX),” the statement reads.

“In light of the preceding, please note that the restriction on foreign exchange for importing dairy products and its derivatives to all entities except selected companies has been lifted.”

According to the bank, any entry that meets the requirements can be a source for FX at the Nigerian Autonomous Foreign Exchange Market (NAFEM) for transactions.

CBN lists 43 items to access FX

In October 2023, the apex bank announced lifting the ban on 43 items previously banned from accessing forex.

“Importers of all the 43 items previously restricted by the 2015 Circular referenced TED/FEM/FPC/GEN/01/010 and its addendums are now allowed to purchase foreign exchange in the Nigerian Foreign Exchange Market.

“The CBN is committed to accelerating efforts to clear the FX backlog with existing participants and will continue dialogue with stakeholders to address the issue,” CBN said.

Some affected items include rice, cement, margarine, palm kernel, palm oil products, and vegetable oil.

BEB