Items not valid for CBN Forex in the Nigerian Foreign Exchange Markets

Central bank of Nigeria
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Central bank of NigeriaBy popular demand and on request by our readers, we bring to you the Central Bank of Nigeria’s (CBN) list of imported items prohibited from accessing foreign exchange from the Nigerian Foreign Exchange Markets.

The list was first published in June 2015 by the CBN which according to the Alex bank is “with the aim of ensuring efficient utilization of foreign exchange and deriving optimum value from goods and services imported into the country.

The CBN also mentions that the prohibition does not mean that those items were banned from being imported, they simply will not be able to access forex from the Nigerian FX market and importers of such items will have to use their own funds to import them. The move according to CBN is expected to help conserve Foreign Exchange; rejuvenate the local industries and create jobs.

Here is the list of items not valid for Foreign Exchange at the Nigerian Foreign Exchange Windows as at June 2015 when CBN first came up with the policy

  1. Rice
  2. Cement
  3. Margarine
  4. Palm Kernel/Palm oil products/vegetable oils
  5. Meat and Processed Meat Products
  6. Vegetables and Processed Vegetable Products
  7. Poultry – chicken, eggs, Turkey
  8. Private Airplanes/Jets
  9. Indian Incense
  10. Tinned Fish In sauce (Gelsha)/SardInes
  11. Cold Rolled Steel Sheets
  12. Galvanized Steel Sheets
  13. Roofing Sheets
  14. Wheelbarrows
  15. Head Pans
  16. Metal Boxes and Containers
  17. Enamelware
  18. Steel Drums
  19. Steel Pipes
  20. Wire Rods (deformed and not deformed)
  21. Iron Rods and Relnforclng Bars
  22. Wire Mesh
  23. Steel Nails
  24. Security and Razor Wire
  25. Wood Particle Boards and Panels
  26. Wood Fiber Boards and Panels
  27. Plywood Boards and Panels
  28. Wooden Doors
  29. Furniture
  30. Toothpicks
  31. Glass and Glassware
  32. Kitchen Utensils
  33. Tableware
  34. Tiles – vitrified and ceramic
  35. Textiles
  36. Woven Fabrics
  37. Clothes
  38. Plastic and Rubber Products, Cellophane Wrappers
  39. Soap and cosmetics
  40. Tomatoes/Tomato Pastes
  41. Euro bond/Foreign Currency Bond/Share Purchases
  42. Fertilizer – added to the list in December 2018
  43. Maize – recently added to the list in July 2020
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