CBN Lifts its 8-Year-Old Forex Ban on 43 Items (List)

The Central Bank of Nigeria (CBN) on Thursday announced the lifting of the ban on importers of 43 items restricted from accessing foreign exchange.

The announcement is contained in a statement on the apex bank’s official account signed by Isa AbdulMumin, the Director, Corporate Communications.

By this lifting of the eight-year-old ban, importers of all the 43 items can now freely purchase foreign exchange in the Nigerian Foreign Exchange Market.

The statement partly read, “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 statement said.

CBN said it would continue to promote orderliness and professional conduct by all Nigerian foreign exchange market participants to ensure market forces determined exchange rates on a willing buyer.

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“The CBN reiterates that the prevailing foreign exchange rates should be referenced from platforms such as the CBN website, FMDQ, and other recognised or appointed trading systems to promote price discovery, transparency, and credibility in the FX rates.

AbdulMumin added that the bank would boost liquidity in the Nigerian foreign exchange market by interventions from time to time to ensure price stability.

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 He noted that when market liquidity improves, the interventions would “gradually decrease.”

In 2015, the federal government through the apex bank restricted 43 items from accessing Foreign Exchange (FX) from the Investors and Exporters (I & E) window, where items affected include cement and rice.


  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


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