CBN Stops Forex Sale For Private Planes, Rice, Cement, Poultry Importation

SAN FRANCISCO, June 24, (THEWILL) – In a bid to reduce the pressure on the naira and preserve Nigeria's external reserves the Central Bank on Tuesday blocked the sale of foreign exchange for the purchase and importation of 40 items.

A circular dated June 23, 2015, signed by Olakanmi Gbadamosi, a Director at the apex bank's Trade and Exchange department, announced the development, saying it would encourage local production of the items.

The affected products are rice, cement, margarine, palm kernel/palm oil products/vegetable oil, meat and processed meat products, vegetable and processed vegetable products, poultry –chicken, eggs, turkey – private airplanes/jet, Indian Incense, tinned fish in sauce – Geisha/Sardines, cold roiled steel sheet and galvanised steel sheets, 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 include toothpicks, glass and glassware, kitchen utensils, tables, textiles, woven fabrics, clothes, plastic and rubber products, soap and cosmetic, tomatoes/tomato paste and Eurobond/foreign currency bond/share purchase.

“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,” the circular said, advising all authorized dealers to ensure strict compliance.