After Rice, Cement, CBN Finally Lifts Ban on Forex Access for Importation of Important Food Items
- The Central Bank of Nigeria has lifted the restriction on Foreign Exchange access for the importation of milk and other dairy products
- Zenith Bank notified its customers that it can now fund eligible requests for forex for dairy products' import
- The apex bank has so far lifted the ban on forex access to about 43 items that Nigerians can import into the country
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Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The Central Bank of Nigeria (CBN) has lifted the restrictions on forex access for importing milk and dairy products into Nigeria.
On February 11, 2020, the apex bank added milk and dairy products to the list of items not eligible for forex access.
Source: UGC
Zenith Bank notifies customers
According to reports, in a notice to customers, Zenith Bank said CBN had provided an update on eligible items for FX in a circular 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).
“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.”
The bank said 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
On October 12, 2023, the CBN announced lifting the ban on 43 items previously banned from accessing forex.
CBN said:
“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 apex bank had said.
“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.”
Some affected items include rice, cement, margarine, palm kernel, palm oil products, and vegetable oil.
CBN clarifies alleged N100bn fertiliser donation
Legit.ng reported earlier that the Central Bank of Nigeria has disclosed that the 2.15 million bags of fertilisers donated to the Ministry of Agriculture and Food Security were from the old stock of a programme initiated by the Buhari Administration, not a new intervention effort.
The bank disclosed this in a circular posted on its website on Saturday, March 16, 2024, saying that the donation of blended fertilisers boosted food security in Nigeria as it prefers to distribute them rather than let them go to waste.
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Source: Legit.ng
