CBN Lifts Restrictions On FX Access For Importation Of Dairy Products

CBN removes barriers to foreign exchange access for dairy product imports.

The ban on the importing of milk and dairy products has been removed by the Central Bank of Nigeria (CBN).

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.

In a message to clients, Zenith Bank, however, stated that on March 12, the regulator had updated commercial banks on items that qualified for foreign exchange.

“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.”

Any organization that satisfies the “sufficient extant regulation requirements is allowed to source for FX at the Nigeria Foreign Exchange Market (NAFEM) for the transactions,” according to Zenith Bank.

The embargo on 43 items that were previously prohibited from acquiring foreign exchange was lifted, as stated by the Apex Bank on October 12, 2023.

“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.”

Rice, cement, margarine, vegetable oils, meat and processed meat products, vegetables and processed vegetable goods, chicken, tomatoes and tomato paste, soap, cosmetics, and head pans are a few of the products that are impacted.