The Central Bank of Nigeria (CBN) on July 1, 2015 issued a directive banning 41 items from accessing foreign exchange. These items were later increased to 42 items effective December 7, 2018.

This development was in line with the CBN continued effort to stabilize the foreign exchange market, and to encourage local competitive production of these 42 items.

The importation of these items is not banned, however, those who import them will have to source for forex from parallel market or Bureau De Changes without recourse to the Nigerian foreign exchange markets.

However, the Director, Financial Policy and Regulation Department, Ken Amogu made it known that the CBN has been furnished with some trade information which indicate this policy is being circumvented as the restricted items are being dumped in the country.

He stated that investigation will be conducted on the accounts of the corporate and entities involved in the circumvention of this policy by the Economic Intelligence Unit of the CBN in collaboration with the Economic and Financial Crimes Commission (EFCC) with appropriate sanctions meted on the culprits.

Also, Banks are to desist from providing their platforms for such economic abuses to avoid being visited with severe sanctions.

Banks are enjoined to ensure strict compliance with the Know Your Customer (KYC) and Know Your Customer Business (KYCB) requirements and to be guided accordingly.

For the avoidance of doubt, please nd below the list of the banned items:

1) Rice

2) Cement

3) Margarine

4) Palm Kernel/Palm oil products/Vegetable


5) Meat and Processed Meat Products

6) Vegetables and Processed Vegetable


7) Poultry – chicken, eggs, Turkey

8) Private Airplanes/Jet

9) Indian Incense

10) Tinned Fish in sauce (Geisha)/Sardines

11) Cold Rolled Steel Sheets

12) Galvanized Steel Sheets

13) Roong 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 and Reinforcing Bars

22) Wire Mesh

23) Steel Nails

24) Security and Razor Wire

25) Wood Particle Boards and Panels

26) Wood Fiber Boards and Panels

27) Plywood Boards and Panels

28) Wooden Doors

29) Furnitures

30) Toothpicks

31) Glass and Glassware

32) Kitchen Utensils

33) Tableware

34) Tiles – vitried and ceramic

35) Textiles

36) Woven Fabrics

37) Clothes

38)Plastic and Rubber Products, Cellophane


39) Soap and cosmetics

40) Tomatoes/Tomato Pastes

41)Euro bond/Foreign Currency Bond/Share

Purchases 42) Fertilizer

Note: CBN at a recent release added textile materials to the above list.

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