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Nairaland Forum / Nairaland / General / Business / 41 Import Items Banned By Central Bank Of Nigeria For Forex Exchange (1179 Views)
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41 Import Items Banned By Central Bank Of Nigeria For Forex Exchange by adewaled(m): 1:53pm On Dec 07, 2018 |
First of all, I want to make it clear that the 41 import items or goods are not banned or prohibited by Nigeria customs service and the Federal Government of Nigeria. It means that the importer will be not given assistance for sourcing for the Forex in the commercial bank because of the CBN policies. Let me explain in details. Let us say importer A wants to import any of the items from the items before he or she will proceed with issuing Form M. The total amount for shipping and cost of purchase must be in the corporate account. And the next process is to write the CBN through the commercial bank and CBN will give approval letter that the importer can go ahead with importation. The bottom line is that the Forex (that is the foreign currencies) must be in the domiciliary accounts before the Central Bank of Nigeria can issue approval letter as well as approval of Form M issuance with Nigeria customs service. The mistake many importers make is that they place orders first from foreign merchants without having the knowledge of whether the items they want to import are banned by CBN. The implication of this is that any item that is not valid for forex will be approved by Customs with approval letter from CBN. Now, let me give you the full list of the items that are not valid for forex in Nigeria since 2016. List of 41 items banned by Central Bank of Nigeria for importation 1. Rice 2. Cement 3. Margarine 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 14. Wheelbarrows 15. Head pans 16. Metal boxes and containers 17. Enamelware 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 29. Furnitures 30. Toothpicks 31. Glass and Glassware 32. Kitchen utensils 33. Tableware 34. Tiles-vitrified and ceramic 35. Textiles 36. Woven fabrics 37. Clothes 38. Plastic and rubber products, polypropylene granules, cellophane wrappers 39. Soap and cosmetics 40. Tomatoes/Tomatoes pastes 41. Euro bond/Foreign currency Bond/share purchases If you need to learn more on how to get CBN approval letter visit: http://freightdrive.info/blog/41-import-items-banned-by-central-bank-of-nigeria-for-forex-exchange/ or contact us on +2347053630607 To send mail: visit: http://freightdrive.info/contact-us or contact@freightdrive.info Distinctcushy Freight |
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