CBN lifts FX Restrictions on Dairy Products

 

The Central Bank of Nigeria (CBN) has lifted the restrictions on the importation of milk and dairy products.

On February 11, 2020, the CBN had added milk and dairy products to the list of items not eligible for forex.

However, in a notice to customers, Zenith Bank said the regulator had provided an update on eligible items for foreign exchange in a notice to commercial banks on March 12.

“Please be informed that the Central Bank of Nigeria (CBN), through its circular Ref No. TED/FEM/PUB/FPC/001/010, dated March 12, 2024, has provided an update on eligible items for foreign exchange (Non-Valid for FX),” the statement reads.

“In light of the foregoing, please note that the restriction on foreign exchange for the importation of dairy products and its derivatives to all entities except selected companies has been lifted.”

Zenith Bank said any entity that meets the “necessary extant regulation requirements is allowed to source for FX at the Nigeria Foreign Exchange Market (NAFEM) for the transactions”.

On October 12, 2023, the apex bank announced the lifting of the ban on 43 items previously restricted from accessing forex.

“Importers of all the 43 items previously restricted by the 2015 Circular referenced TED/FEM/FPC/GEN/01/010 and its addendums are now allowed to purchase foreign exchange in the Nigerian Foreign Exchange Market,” the apex bank had said.

“The CBN is committed to accelerating efforts to clear the FX backlog with existing participants and will continue dialogue with stakeholders to address the issue.”

Some of the affected items include rice, cement, margarine, palm kernel, palm oil products, vegetable oils, meat and processed meat products, vegetables and processed vegetable products, poultry, tomatoes/tomato paste, soap, cosmetics, and head pans.