[FULL LIST] CBN Lifts Foreign Exchange Restrictions on 43 Items

After eight years, the Central Bank of Nigeria (CBN) has officially lifted the foreign exchange restrictions on 43 previously banned items.

This decision marks a significant development in Nigeria’s economic policy and has garnered considerable attention. Here is a breakdown of the 43 items that are no longer subject to foreign exchange restrictions:

1. Rice
2. Cement
3. Margarine
4. Palm kernel
5. Palm oil products
6. Vegetable oils
7. Meat and processed meat products
8. Vegetables and processed vegetable products
9. Poultry and processed poultry products
10. Tinned fish in sauce (Geisha)/sardine
11. Cold rolled steel sheets
12. Galvanized steel sheets
13. Roofing sheets
14. Wheelbarrows
15. Head pans
16. Metal boxes and containers
17. Enamelware
18. Steel drums
19. Steel pipes
20. Wire rods (deformed and not deformed)
21. Iron rods
22. Reinforcing bars
23. Wire mesh
24. Steel nails
25. Security and razor fencing and poles
26. Wood particle boards and panels
27. Wood fiberboards and panels
28. Plywood boards and panels
29. Wooden doors
30. Toothpicks
31. Glass and glassware
32. Kitchen utensils
33. Tableware
34. Tiles-vitrified and ceramic
35. Gas cylinders
36. Woven fabrics
37. Clothes
38. Plastic and rubber products
39. Polypropylene granules
40. Cellophane wrappers and bags
41. Soap and cosmetics
42. Tomatoes/tomato pastes
43. Eurobond/foreign currency bond/share purchases

This development is expected to have far-reaching implications for Nigeria’s economy and international trade. The decision to lift the foreign exchange restrictions is seen as a major step towards opening up Nigeria’s trade policies and facilitating a more liberalized economic environment. It will be interesting to observe how this decision impacts various sectors and industries in the coming months. Stay tuned for more updates and analysis on this significant policy change.