Nigeria tightens controls on foreign exchange

The Central Bank of Nigeria has imposed new foreign exchange controls to try to curb the flow of dollars out of the country.

The CBN in a statement in Abuja, stated that the implementation of the policy will help conserve foreign reserves as well as facilitate the resuscitation of domestic industries and improve employment generation.

This means that  importers will not be able to get hard currency to buy a list of 40 items ranging from rice to cement. 

The list includes Indian incense, plastic and rubber products, soap and even Private Airlines/ Jets private jets. Others are Margarine, Palm Kernel/ Palm oil products/ vegetable oils, Meat and Processed Meat Products, Vegetables and Processed Vegetable Products, Poultry - chicken, eggs, Turkey, Tinned Fish in sauce, (Geisha)/Sardines, Galvanized steel sheets, Roofing sheets amongst others.

The bank added that the importation of these items are not banned, however importers desirous of importing these items can do so using their funds without any recourse to the Nigerian foreign exchange markets.

You would recall that the apex bank had in April, restricted the amount that Nigerians could spend on credit cards abroad.

List of Items not Valid for Foreign Exchange at the Nigerian Foreign Exchange Window.

 1. Rice

2. Cement

3. Margarine

4. Palm Kernel/ Palm oil products/ vegetable oils

5. Meat and Processed Meat Products

6. Vegetables and Processed Vegetable Products

7. Poultry - chicken, eggs, Turkey

8. Private Airlines/ Jets

9. Indian incense

10. Tinned Fish in sauce (Geisha)/Sardines

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 non 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. Toothpicks

30. Glass and Glassware

31. Kitchen Utensils

32. Tableware

33. Tiles- vitrified and ceramic

34. Textiles

35. Woven Fabrics

36. Clothes

37. Plastic and Rubber Products

38. Soap and Cosmetics

39. Tomatoes/ Tomatoes paste

40. Euro bond/ foreign currency bond/ share Purchases