CBN lifts restrictions on FX access for importation of dairy products

Zenith Bank said any entity that meets the “necessary extant
regulation requirements is allowed to source for FX at the Nigeria Foreign
Exchange Market (NAFEM) for the transactions”.

On October 12, 2023, the apex bank announced the lifting of
the ban on 43 items previously restricted from accessing forex.

“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 of the affected items include rice, cement, margarine,
palm kernel, palm oil products, vegetable oils, meat and processed meat
products, vegetables and processed vegetable products, poultry, tomatoes/tomato
paste, soap, cosmetics, and head pans.