The Central Bank of Nigeria (CBN) on Tuesday officially stopped the sale of dollars to at least 40 Items in a bid to reduce pressure on naira and preserve the country’s external reserves.
The items include Rice, Private Jet, Roofing sheets, wheel barrows, head pans, metal boxes and containers, enamelware, steel drums, steel pipes, wires, rods, wire mesh, steel nails, security and razor wire, wood particles boards and panels, wood fiber board and panels, plywood boards and wooden doors.
Others are cement, margarine, palm kernel/palm oil products/vegetable oil, meat and processed meat products, vegetable and processed vegetable products, poultry –chicken, eggs, turkey, Indian Incense, tinned fish in sauce – Geisha/Sardines, cold rolled steel sheet and galvanised steel sheets.
The Central Bank disclosed this information in a Circular signed by its Director, Trade and Exchange Department, Mr. Olakanmi Gbadamosi.
CBN said “These items are not banned, thus importers desirous of importing these items shall do so using their own funds without any recourse to the Nigerian forex market.
“In the continuing effort to sustain the stability of the forex market and ensure the efficient utilisation of forex and the derivation of optimum benefits from goods and service imported into the country, it has become imperative to exclude importers of some goods and services from accessing foreign exchange at the Nigerian foreign exchange market to encourage local production.
“The implementation of the policy will help conserve forex reserves as well as facilitate the resuscitation of domestic industries and improve employment generation.”