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The Official List Of 43 Banned Items From Nigerian Foreign Exchange Market - Business - Nairaland

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The Official List Of 43 Banned Items From Nigerian Foreign Exchange Market by politicoNG: 6:02pm On Jun 17, 2023
In a circular dated June 23rd, 2015 the central bank of Nigeria published a list of imported goods and services that will not be valid for foreign exchange in the Nigerian foreign exchange market.

According to the statement issued by the central bank at the time, the list was published “in the continuing effort to sustain the stability of the foreign exchange market and ensure the efficient utllization of foreign exchange and the derivation of optimum benefits from goods and services imported Into the country.”

It further stated that in order to encourage local production of these items, it had to exclude importers of some goods and services from accessing foreign exchange at the Nigerian foreign exchange markets.

In exchange, the central bank believed that the policy will help conserve foreign reserves as well as facilitate the resuscitation of domestic industries and improve employment generation.

The list was initially 41 when it was announced but the central bank included two more items.

It’s 8 years since then and the jury is out on whether this policy has worked or not.

In response to calls from our readers, we provide a list of the 43 items that are illegible for accessing Nigeria’s forex market.

Rice
Cement
Margarine
Palm Kernel/Palm oil products/vegetable oils
Meat and Processed Meat Products
Vegetables and Processed Vegetable Products
Poultry – chicken, eggs, Turkey
Private Airplanes/Jets
Indian Incense
Tinned Fish In sauce (Gelsha)/Sardines
Cold Rolled Steel Sheets
Galvanized Steel Sheets
Roofing Sheets
Wheelbarrows
Head Pans
Metal Boxes and Containers
Enamelware
Steel Drums
Steel Pipes
Wire Rods (deformed and not deformed)
Iron Rods and ReInforcina Bars
Wire Mesh
Steel Nalls
Security and Razor Wire
Wood Particle Boards and Panels
Wood Fiber Boards and Panels
Plywood Boards and Panels
Wooden Doors
Furniture
Toothpicks
Glass and Glassware
Kitchen Utensils
Tableware
Tiles – vitrified and ceramic
Textiles
Woven Fabrics
Clothes
Plastic and Rubber Products, Cellophane Wrappers
Soap and cosmetics
Tomatoes/Tomato Pastes
Euro bond/Foreign Currency Bond/Share
Purchases
Milk
Maize

Note: While the list is 43, each item on the list includes several other sub-items as captured by the Nigerian Customs using their import codes list.

The above list does not also mean that the items on it are banned from being imported. They are just banned from accessing forex from the official investor and exporter window.

https://nairametrics.com/2023/06/17/the-official-list-of-43-banned-items-from-nigerian-foreign-exchange-market/

Previous Thread:
https://www.nairaland.com/7730860/cbn-reiterates-stance-fx-access#123840674

31 Likes

Re: The Official List Of 43 Banned Items From Nigerian Foreign Exchange Market by Stomoney(m): 6:05pm On Jun 17, 2023
Issokay cool
Re: The Official List Of 43 Banned Items From Nigerian Foreign Exchange Market by ManWater: 6:07pm On Jun 17, 2023
We have the capacity to locally produce all those items. So no wahala.

110 Likes 3 Shares

Re: The Official List Of 43 Banned Items From Nigerian Foreign Exchange Market by TemplarLandry: 6:09pm On Jun 17, 2023
cool cool

3 Likes

Re: The Official List Of 43 Banned Items From Nigerian Foreign Exchange Market by CodeTemplar: 6:23pm On Jun 17, 2023
Okay. Brazilian hair nko?

46 Likes 4 Shares

Re: The Official List Of 43 Banned Items From Nigerian Foreign Exchange Market by Shalommy(f): 6:43pm On Jun 17, 2023
Heard that Tinubu have lifted the ban. True or false?

1 Like 1 Share

Re: The Official List Of 43 Banned Items From Nigerian Foreign Exchange Market by grandstar(m): 6:48pm On Jun 17, 2023
Kk
Re: The Official List Of 43 Banned Items From Nigerian Foreign Exchange Market by GreaterFuture(m): 6:49pm On Jun 17, 2023
Okayy...
Re: The Official List Of 43 Banned Items From Nigerian Foreign Exchange Market by MorataFC: 6:49pm On Jun 17, 2023
Since May 29 the inauguration of PBAT, there is not a single day without positive news.
God bless the Federal Republic Of Nigeria.

106 Likes 10 Shares

Re: The Official List Of 43 Banned Items From Nigerian Foreign Exchange Market by dam2000(m): 6:50pm On Jun 17, 2023
Ok
Re: The Official List Of 43 Banned Items From Nigerian Foreign Exchange Market by GeneralPula: 6:50pm On Jun 17, 2023
The above list does not also mean that the items on it are banned from being imported. They are just banned from accessing forex from the official investor and exporter window.

Okay..

90 Likes 10 Shares

Re: The Official List Of 43 Banned Items From Nigerian Foreign Exchange Market by nairalanda1(m): 6:50pm On Jun 17, 2023
CodeTemplar:
Okay. Brazilian hair nko?

You want to get into trouble with the ladies...

43 Likes 1 Share

Re: The Official List Of 43 Banned Items From Nigerian Foreign Exchange Market by Generation1: 6:50pm On Jun 17, 2023
Good move
Re: The Official List Of 43 Banned Items From Nigerian Foreign Exchange Market by MorataFC: 6:50pm On Jun 17, 2023
Exceed15:


Positive news? less than 24hrs hardship became more visible. [b]Nigeria is in a mess today by the policy of closing up borders..
[/b]Wetin we dey produce we dey go round? Even local rice not affordable. Abeg Carry 3ok stipend comot for here joor.
Is Tinubu that close the borders?

2 Likes

Re: The Official List Of 43 Banned Items From Nigerian Foreign Exchange Market by Olastep1(m): 6:51pm On Jun 17, 2023
No one takes this list seriously

1 Like

Re: The Official List Of 43 Banned Items From Nigerian Foreign Exchange Market by GABRIEL6036: 6:51pm On Jun 17, 2023
Good move
Re: The Official List Of 43 Banned Items From Nigerian Foreign Exchange Market by Generation1: 6:52pm On Jun 17, 2023
CodeTemplar:
Okay. Brazilian hair nko?
If you banned pants they don’t care but if you ban that hair and their makeup & makeover tools wahala ……

28 Likes

Re: The Official List Of 43 Banned Items From Nigerian Foreign Exchange Market by owem19(m): 6:52pm On Jun 17, 2023
Una go dey cap nonsense
ManWater:
We have the capacity to locally produce all those items. So no wahala.

18 Likes

Re: The Official List Of 43 Banned Items From Nigerian Foreign Exchange Market by Chetas81(m): 6:52pm On Jun 17, 2023
ManWater:
We have the capacity to locally produce all those items. So no wahala.
which lazy youth ready to produce this they will rather continue their ritualistic and yahoo business

14 Likes 2 Shares

Re: The Official List Of 43 Banned Items From Nigerian Foreign Exchange Market by Generation1: 6:53pm On Jun 17, 2023
We do adapt easily

1 Like

Re: The Official List Of 43 Banned Items From Nigerian Foreign Exchange Market by Boyooosa(m): 6:54pm On Jun 17, 2023
Nawa
Re: The Official List Of 43 Banned Items From Nigerian Foreign Exchange Market by olumaxi(m): 6:54pm On Jun 17, 2023
Hope ballamour bitters and ponmo no dey
Re: The Official List Of 43 Banned Items From Nigerian Foreign Exchange Market by damoobaba: 6:54pm On Jun 17, 2023
Following
Re: The Official List Of 43 Banned Items From Nigerian Foreign Exchange Market by Dotherightthing: 6:54pm On Jun 17, 2023
Ok
Re: The Official List Of 43 Banned Items From Nigerian Foreign Exchange Market by Shalommy(f): 6:54pm On Jun 17, 2023
MorataFC:
ban from what?
Question can't answer question. So back off.undecided

1 Like

Re: The Official List Of 43 Banned Items From Nigerian Foreign Exchange Market by Chetas81(m): 6:55pm On Jun 17, 2023
owem19:
Una go dey cap nonsense
lazy youth with rubbish talked

1 Like

Re: The Official List Of 43 Banned Items From Nigerian Foreign Exchange Market by damoobaba: 6:55pm On Jun 17, 2023
We should not even be importing all of these
Re: The Official List Of 43 Banned Items From Nigerian Foreign Exchange Market by Toosure70: 6:56pm On Jun 17, 2023
We can produce all these nau
Re: The Official List Of 43 Banned Items From Nigerian Foreign Exchange Market by Enskynelson(m): 6:56pm On Jun 17, 2023
Where does those OK clothes come from? And many furnitures found in the homes of our politicians and rich men are imported. And I think these items have all along been in the list of banned items. I no understand what the BAN really mean.

2 Likes

Re: The Official List Of 43 Banned Items From Nigerian Foreign Exchange Market by Jerewise332(m): 6:56pm On Jun 17, 2023
Good one👍
Re: The Official List Of 43 Banned Items From Nigerian Foreign Exchange Market by Basicend: 6:58pm On Jun 17, 2023
Cloths? What kindly of cloths. . .?

Soaps and cosmetics? Hmm.

1 Like 1 Share

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