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CBN Defends Stance on Foreign Exchange Restriction on 42 items

The Central Bank of Nigeria says the bank’s policy to restrict importers of some 42 items from accessing foreign exchange was the right call of action.
CBN says it took the measure to ban 42 items from accessing foreign exchange through official routes, to encourage local production of the items and simultaneously conserve the nation’s depleting foreign reserves.
Some of the 42 items not valid for foreign exchange at the Nigerian window include rice, cement, fertiliser, margarine, palm produce, beef, vegetables, poultry and eggs, wooden doors and Iron rods.
CBN said it would continue to take an aggressive stance to ensure that any food item currently being imported that can be produced in the country is banned.

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