CBN adds fertiliser to initial 41 items not eligible for forex
The Central Bank of Nigeria (CBN) has added one more item to the 41 items not eligible for foreign exchange (forex).
On Monday, the apex bank added fertiliser to the list of items it can no longer allocate forex for its importation into Nigeria.
In a statement signed by Ahmed Umar, director, trade and exchange department of the CBN, the bank said the list of the 42 items became effective from December 7, 2018.
The bank, however, assured all authorised dealers and the general public that all outstanding form M requests made for fertiliser before December 7 will be honoured by the bank.
TheCable had reported that the bank was deliberating the possibilities of adding more items to the list of items not eligible for forex.
Godwin Emefiele, governor of the CBN, while speaking at the 53rd Annual Bankers Dinner in Lagos two weeks ago, said the bank had recommendations to add more to the list of 41 items drafted in 2016.
He said the bank, based on internal research, has received a recommendation to do so, following a drop of the country’s monthly import bill from $665.4 million in January 2015, to $160.4 million as at October 2018.
“Based on our internal research conducted at the Central Bank of Nigeria, there is strong support that the recovery of our economy from the recession may have been much weaker or even negative, without the implementation of the restriction on 41 items,” Emefiele had said.
“Our research supports the conclusion that the combination of the restriction on 41 items along with other measures imposed by the fiscal and monetary authorities has helped to promote the recovery.
“In fact, recommendations are being made to the CBN that the list of 41 items be expanded to include other additional items that can be locally produced.”
THE 42 ITEMS ARE:
Palm kernel/Palm oil products/vegetables oils
Meat and processed meat products
Vegetables and processed vegetable products
Poultry chicken, eggs, turkey
Tinned fish in sauce(Geisha)/sardines
Cold rolled steel sheets
Galvanized steel sheets
Metal boxes and containers
Wire rods(deformed and not deformed)
Iron rods and reinforcing bard
Security and razor wine
Wood particle boards and panels
Wood Fibre Boards and Panels
Plywood boards and panels
Glass and Glassware
Tiles-vitrified and ceramic
Plastic and rubber products, polypropylene granules, cellophane wrappers