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CBN List Banned Product By FG

CBN List Banned Product By FG,In the continuing effort to sustain the stability of the foreign exchange market and ensure the efficient utilization of foreign exchange and the derivation of optimum benefit from goods and services imported into the country, It has become imperative to exclude importers of some goods and services from accessing foreignexchange at the Nigerian foreign exchange markets in order to encourage local production of these items.The Central Bank of Nigeria (CBN) recentlyissue a directive stopping some imported goods and services from the list of items valid for forex in the Nigerian Foreign Exchange Markets. This policy implies is that, those who import these items can no longer buy foreign currency from the official window to pay the overseas suppliers. Rather, they will have to source forex from the parallel market or Bureau DeChange to pay for their imports.The items include the following:
4.Palm kernel/Palm oil products/vegetables oils
5.Meat and processed meat products
6.Vegetables and processed vegetable products
7.Poultry chicken, eggs, turkey
8.Private airplanes/jets
9.Indian incense
10.Tinned fish in sauce(Geisha)/sardines
11.Cold rolled steel sheets
12.Galvanized steel sheets
13.Roofing 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 bard
22.Wire mesh
23.Steel nails
24.Security and razor wine
25.Wood particle boards and panels
26.Wood Fibre Boards and Panels
27.Plywood boards and panels
28.Wooden doors
30.Glass and Glassware
31.Kitchen utensils
33.Tiles-vitrified and ceramic
35.Woven fabrics
37.Plastic and rubber products, polypropylene granules , cellophane wrappers
38.Soap and cosmetics
39.Tomatoes/tomato pastes
40.Eurobond/foreign currency bond/ share

purchasesIt is important to emphasize that the importation of these items are not prohibited or banned. It only means that importers of these items are no longer qualified to get foreign exchange from the CBN or the official market to buy these items from overseas.

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