Full List: CBN Restates Ban on Importers of 43 Items from Buying Forex at Official Market Rates
- The Central Bank of Nigeria (CBN) has again asked importers of 43 items to stay away from the official forex market
- This instruction is coming as CBN collapsed all forex segments into the investors and exporters (I&E) window, rendering other official FX windows obsolete
- While the changes raised hope for importers of banned items, the CBN swiftly responded by reminding banks and other players not to sell to them in dollars.
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The Central Bank of Nigeria (CBN) has issued a clarification regarding foreign exchange (FX) access for importers of 43 items that were previously restricted from obtaining FX through the official window.
Legit.ng recalls that in a circular issued on June 24th, 2015, the CBN banned importers of certain items from accessing dollars from the official market a move aimed at preserving the country's foreign reserves.
The list, which initially comprised 41 items, has since grown to 43, including widely consumed staple foods in the country.
Source: Getty Images
Reiterating its position, CBN in a statement published on its website on Friday, June 15, 2023, noted that nothing has changed on the decision to ban 43 items.
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Part of the statement reads:
"The status quo remains on the 43 non-eligible items. The items are not permitted to be funded from the I&E window."
Why the clarification is important
CBN's statement follows its recent changes in the FX market and the collapse of all FX windows into the investors and exporters (I&E) window.
The new changes mean that all eligible FX transactions shall only be done via the I&E window, and exchange rates are usually agreed upon by both parties.
List of 43 items restricted by CBN from obtaining dollars for importation
- Fertilizers
- Rice
- Cement
- Margarine
- Palm kernel /palm oil products/vegetable oils
- Meat and processed meat products
- Vegetables and processed meat products
- Poultry chicken, eggs, turkey
- Private airplanes/jets
- Indian incense
- Tinned fish in sauce (geisha)/(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 reinforcing bard
- Wire mesh
- Steel nails
- Security and razor wine
- 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
- Cloths
- Plastic and rubber products, polypropylene granules, cellophane wrappers
- Soap and cosmetics
- Tomatoes/tomato pastes
- Euro bond/foreign currency bond/share purchases
- Stockfish
"Get up to N10m": Access, Zenith, UBA other banks offering huge student loans
Meanwhile, in another report, Access Bank and Zenith Bank are at the forefront of providing student loans with substantial maximum limits.
The loans amount ranges from N20,000 to up to N10 million, with clear repayment plans
The availability of student loans from multiple banks provides Nigerian students with greater choices and flexibility in financing their education.
Source: Legit.ng
