In order to beef up the fast depleting external reserves,
the Central Bank of Nigeria on Tuesday stopped the
sales of foreign exchange to importers of rice, private
jets, textiles, tomato paste, poultry products and 35
other times.
The CBN, in a circular dated June 23, 2015, stated that
the implementation of the policy would help to conserve
foreign reserves and facilitate the resuscitation of
domestic industries as well as generate employment.
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The circular, which was signed by the Director, Trade and
Exchange, CBN, Mr. Olakanmi Gbadamosi, stated that it
was imperative to exclude importers of some goods and
services from accessing foreign exchange at the Nigerian
foreign exchange market in order to encourage local
production of the items.
It read in part, “In the continuing efforts to sustain the
stability of the forex market and ensure efficient
utilisation of forex and the derivation of optimum
benefits from goods and services imported into the
country, it has become imperative to exclude importers
of some goods and services from accessing foreign
exchange at the Nigerian forex markets in order to
encourage local production of these items.
“The implementation of the policy will help conserve
foreign reserves as well as facilitate the resuscitation of
domestic industries and improve employment generation.
“For the avoidance of doubt, please note that the
importation of these items are not banned, thus
importers desirous of importing these items shall do so
using their funds without any recourse to the Nigerian
foreign exchange market.”
The list of 40 items include cement, margarine, palm
kernel, vegetable oil, poultry products (chicken, eggs and
turkey), Indian incense, tinned fish in sauce (Geisha,
Sardines), cold rolled steel sheets, galvanized steel,
roofing sheets, wheelbarrows, head pans, metal boxes
and containers, and enamelware.
Others are steel drum, steel pipes, wire mesh, steel nails,
wire rods, security wire, wood particle and board, wood
fibre boards and panel, plywood board and panel,
wooden doors, toothpicks, glass and glassware, kitchen
utensils, tableware, tiles and wooden fabrics, plastic and
rubber products, and soap and cosmetics.
The CBN Governor, Mr. Godwin Emefiele, had a few
months ago said the bank would bar importers of
toothpicks, rice and other products from accessing forex
at the nation’s forex markets.
The latest policy is expected to make the prices of the
listed items to shoot up in the market as importers of
the items will now source for foreign currencies on the
street market also called black market.
The naira, which goes for 199 against the dollar at the
interbank market, now sell for 222 at the street market.
http://www.punchng.com/news/cbn-stops-forex-sales-to-rice-private-jet-importers/
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we shall survive

I've always said we need more locally made Incense.

good one, CBN.

TheRealAdonye:
I've always said we need more locally made Incense.

good one, CBN.

Rices price will soon rise. in d long run tho. it maybe beneficial

OK, that's good since it will boost local production

Will result in unnecessary price hike and increase the diff btwn the official n black market rate because these importers will recourse to the black markeť eventually leading to further devaluation.
will also affect our international investment index rating due to additional exchange control