The Central Bank of Nigeria, CBN, yesterday exempted importers of some goods and services from those qualifying to access foreign exchange from the foreign exchange window.
The bank said the measure is intended to stabilise the foreign exchange market and ensure its efficient utilisation, amongst other benefits.
The apex bank, in its Circular No TED/FEM/FPC/GEN01/10 dated June 23, and signed by the Director, Trade and Exchange Department, Olakanmi Gbadamosi, listed the goods to include, rice, cement, magarine, palm kernel/palm oil products/vegetable oil; meat and processed meat products.
Others are; vegetables and processed vegetable products; poultry-chicken, eggs, turkey; private airplane and jets; Indian incense; tinned fish in sauce (Geisha)/sardines; cold rolled steel sheets; galvanised sheets; roofing sheets; wheelbarrows; head pans; and metal boxes and containers.
Also in the list are, enamelware; steel drums; steel pipes; wire rods (deformed and not deformed); iron rods and reinforcing bars; wiremesh; steel nails; security and razor wire; wood particle boards and panels; wood fibre boards and panels; plywood boards and panels; wooden doors; toothpicks; glass and glassware; kitchen utensils; table wares; and tiles –vitrified and ceramic.
Also included on the list are, textiles, woven fabrics; clothes; plastic and rubber Products, polypropylene granules, cellophane wrappers; soap and cosmetics; tomatoes and tomato pastes; and Eurobond/foreign currency bond/share purchases.
Justifying the new monetary measure, the apex bank stated that the measure was part of its continuing efforts to sustain the stability of the foreign exchange market and ensure efficient utillisation and derivation of optimal benefits from goods and services imported into the country.
It stated further: “It has become imperative to exclude importers of some goods and services from accessing foreign exchange at the Nigerian Foreign Exchange Markets in order to encourage local production.
“The implementation of this policy will help conserve foreign reserves as well as facilitate the resuscitation of domestic industries and improve employment generation.
“For avoidance of doubt, please not that the importation of these items are not banned, thus importers desirous of importing these items shall do so using their own funds without recourse to the Nigerian foreign exchange markets.”
