CBN Lifts Forex Restriction On Importation Of Dairy Products

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

Naloaded News recalls that on February 11, 2020, the apex bank included milk and dairy products to the list of items not eligible for forex in the country.

Other 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.

On October 12, 2023, the apex bank lifted the ban on 43 items previously restricted from accessing forex, saying that it is committed to accelerating efforts to clear the FX backlog with existing participants.

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

The notice reads: “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).

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”.