RESTRICTION ON THE IMPORTATION OF 42 ITEMS RELEASED ON DECEMBER 7, 2018
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:
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
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 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
31) Glass and Glassware
32) Kitchen Utensils
34) Tiles – vitried and ceramic
36) Woven Fabrics
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.