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Recently, the Central Bank of Nigeria (CBN) has placed embargo on facilitation of purchase of foreign exchange through the Nigerian Foreign Exchange Markets on some imported goods and services. By this policy, importers of such items can no longer buy foreign currency from the official window to pay for them. However, they are at liberty to source forex from the parallel market or Bureau De Change to pay for their imports
The items are:
4. Palm kernel/Palm oil products/vegetables oils
5. Meat and processed meat products
6. Vegetables and processed vegetable products
7. Poultry chicken, eggs, turkey
8. Private airplanes/jets
9. Indian incense
10. Tinned fish in sauce(Geisha)/sardines
11. Cold rolled steel sheets
12. Galvanized steel sheets
13. Roofing sheets
15. Head pans
16. Metal boxes and containers
18. Steel drums
19. Steel pipes
20. Wire rods(deformed and not deformed)
21. Iron rods and reinforcing bard
22. Wire mesh
23. Steel nails
24. Security and razor wine
25. Wood particle boards and panels
26. Wood Fibre Boards and Panels
27. Plywood boards and panels
28. Wooden doors
30. Glass and Glassware
31. Kitchen utensils
33. Tiles-vitrified and ceramic
35. Woven fabrics
37. Plastic and rubber products, polypropylene granules
38. cellophane wrappers
39. Soap and cosmetics
40. Tomatoes/tomato pastes
41. Eurobond/foreign currency bond/ share purchases
It is pertinent to note that the importation of these items are not prohibited or banned as being speculated. It only means that importers of such goods are no longer qualified to source their foreign exchange from the CBN or the official market for purchase of these items.
Embassy of Nigeria
6th January 2016