List Of Banned Items From Nigerian Foreign Exchange Market [Official]

In a circular dated June 23rd, 2015 the Central Bank of Nigeria published a list of imported goods and services that will not be valid for foreign exchange in the Nigerian foreign exchange market.

According to the statement issued by the central bank at the time, the list was published “in the continuing effort to sustain the stability of the foreign exchange market and ensure the efficient utilisation of foreign exchange and the derivation of optimum benefits from goods and services imported Into the country.”

It further stated that in order to encourage local production of these items, it had to exclude importers of some goods and services from accessing foreign exchange at the Nigerian foreign exchange markets.

In exchange, the central bank believed that the policy will help conserve foreign reserves as well as facilitate the resuscitation of domestic industries and improve employment generation.

The list was initially 41 when it was announced but the central bank included two more items.

It’s 8 years since then and the jury is out on whether this policy has worked or not.

Below is the list of the 43 items that are illegible for accessing Nigeria’s forex market.

Rice

Cement

Margarine

Palm Kernel/Palm oil products/vegetable oils

Meat and Processed Meat Products

Vegetables and Processed Vegetable Products

Poultry – chicken, eggs, Turkey

Private Airplanes/Jets

Indian Incense

Tinned Fish In sauce (Gelsha)/Sardines

Cold Rolled 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 ReInforcina Bars

Wire Mesh

Steel Nalls

Security and Razor Wire

Wood Particle Boards and Panels

Wood Fiber Boards and Panels

Plywood Boards and Panels

Wooden Doors

Furniture

Toothpicks

Glass and Glassware

Kitchen Utensils

Tableware

Tiles – vitrified and ceramic

Textiles

Woven Fabrics

Clothes

Plastic and Rubber Products, Cellophane Wrappers

Soap and cosmetics

Tomatoes/Tomato Pastes

Euro bond/Foreign Currency Bond/Share Purchases

Milk

Maize

Note: While the list is 43, each item on the list includes several other sub-items as captured by the Nigerian Customs using their import codes list.

The above list does not also mean that the items on it are banned from being imported. They are just banned from accessing forex from the official investor and exporter window.

(Nairametrics)

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