The Central Bank of Nigeria (CBN) has lifted restrictions on the import of milk and dairy products.
On February 11, 2020, the CBN added milk and dairy products to the list of items ineligible for forex.
In a notice to customers, Zenith Bank stated that the regulator provided an update on eligible items for foreign exchange in a notice to commercial banks on March 12.
The statement reads:
“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 foregoing, please note that the restriction on foreign exchange for the importation of dairy products and its derivatives to all entities except selected companies has been lifted.”
According to Zenith Bank, 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 a ban on 43 items previously barred from accessing foreign exchange.
“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 CBN is committed to accelerating efforts to clear the FX backlog with existing participants and will continue dialogue with stakeholders to address the issue.”
Rice, cement, margarine, vegetable oils, meat and processed meat products, vegetables and processed vegetable products, chicken, tomatoes and tomato paste, soap, cosmetics, and head pans are a few of the products that are impacted.