The Central Bank of Nigeria policy or directive on removing some imported goods from the list of items valid for Forex Exchange in the Nigerian Foreign Exchange Market should not be misunderstood as Banning of the goods for importation by importers in Nigeria. It is important to note that these 42 import items or commodities are not banned or forbidden for importation by the Federal Government, Nigerian Custom Services and the Central Bank of Nigeria.
What the CBN policy means regarding the 42 import items banned for Forex Exchange is that, importers who import these goods can no longer buy foreign currencies from the official windows (CBN, Commercial banks) to pay their suppliers abroad. Rather, they will have to look for forex(dollars, pounds etc.) from the parallel market or Bureau De change to pay for their imported goods.

The list of the 42 import items includes;

  1. Fertilizers
  2. Rice
  3. Cement
  4. Margarine
  5. Palm kernel /palm oil products/vegetable oils
  6. Meat and processed meat products
  7. Vegetables and processed meat products
  8. Poultry chicken, eggs, turkey
  9. Private airplanes/jets
  10. Indian incense
  11. Tinned fish in sauce (geisha)/(sardines)
  12. Cold rolled steel sheets
  13. Galvanized steel sheets
  14. Roofing sheets
  15. Wheelbarrows
  16. Head pans
  17. Metal boxes and containers
  18. Enamelware
  19. Steel drums
  20. Steel pipes
  21. Wire rods (deformed and not deformed)
  22. Iron rods and reinforcing bard
  23. Wire mesh
  24. Steel nails
  25. Security and razor wine
  26. Wood particle boards and panels
  27. Wood fiber boards and panels
  28. Plywood boards and panels
  29. Wooden doors
  30. Furniture
  31. Toothpicks
  32. Glass and glassware
  33. Kitchen utensils
  34. Tableware
  35. Tiles-vitrified and ceramic
  36. Textiles
  37. Woven fabrics
  38. Cloths
  39. Plastic and rubber products, polypropylene granules, cellophane wrappers
  40. Soap and cosmetics
  41. Tomatoes/tomato pastes
  42. Euro bond/foreign currency bond/share purchases

August 15, 2020

shipping goods

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