CBN Lifts Ban On Rice, Cement, Other FX Items

The Central Bank of Nigeria (CBN) has announced the restoration of access to foreign exchange (FX) for 43 items that were previously prohibited from the FX window in 2015, marking a significant development after eight years.

Rice, Groundnut Oil and Toothpicks, some of the affected goods

In a statement signed by Isa AbdulMumin, the CBN’s director of corporate communications, the bank stated that importers of these 43 items are now allowed to purchase foreign exchange in the Nigerian Foreign Exchange Market. This decision follows consultations with market participants as part of ongoing efforts to unify FX rates.

See also: Senate Approves Cardoso As New CBN Governor

The CBN emphasized its commitment to promoting professional conduct and orderliness among participants in the Nigerian Foreign Exchange Market, with exchange rates being determined by market forces on a Willing Buyer-Willing Seller basis.The central bank also pledged to enhance liquidity in the Nigerian Foreign Exchange Market through periodic interventions, with a gradual reduction in CBN interventions as market liquidity improves.

The 43 items had been restricted in 2015 due to their potential for local production in Nigeria. Some of the affected items included rice, cement, palm oil products, meat, vegetables, and various others. The CBN’s decision to lift the ban on these items is seen as a significant step in addressing Nigeria’s forex challenges and promoting economic stability.

Chidalu Glory

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