The Central Bank of Nigeria (CBN) has taken away the rule made by the former bank leader, Me Godwin Emefiele, that stopped people from Buying Foreign Money for 43 different things.
The CBN announced this change in a statement from Isa AbdulMumin, the Director of Corporate Communications Department.
The CBN said that these 43 items are now allowed to Buy Foreign Money in Nigeria.
Emefiele, who was suspended on June 9 by President Bola Tinubu and has been held by the Department of State Services (DSS), started this ban in 2015 to keep the value of the naira stable and to encourage local production.
The items includes
- Cement
- Margarine
- Palm kernel/palm oil products/vegetables oils
- Meat and processed meat products
- Vegetables and processed
- vegetable products
- Poultry – chicken, eggs, turkey
- Private airplanes/jets
- Indian incense
- Tinned fish in sauce (geisha)/sardines
- Cold-rolled steel sheets
- Galvanised steel sheets
- Roofing sheets
- Wheelbarrows
- Head pans
- Metal boxes and containers
- Enamelware
- Steel drums
- Steel pipes
- Wire rods (deformed and not deformed)
- Iron rods and reinforcing bars
- Wire mesh
- Steel nails
- Security and razor wire
- Wood particle boards and panels
- Wood fibre boards and panels
- Plywood boards and panels
- Wooden doors
- Furniture
- Toothpicks
- Glass and Glassware
- Kitchen utensils
- Tableware
- Tiles – vitrified and ceramic
- Textiles
- Woven fabrics
- Clothes
- Plastic and rubber products, polypropylene granules, cellophane wrappers
- Soap and cosmetics
- Tomatoes/tomato paste
- Eurobond/foreign currency bond/ share purchases
- Dairy/milk
- Maize
The CBN will keep working to make the Foreign Exchange Market fair and let supply and demand decide exchange rates.
They also mentioned that the exchange rates can be checked on the CBN website, FMDQ, and other trusted sources.
The CBN will add money to the foreign exchange market from time to time to make it work better.
People can now buy foreign money for all the 43 items that were banned before, and the CBN is working on making a single foreign exchange market.
They are talking to market players to make this happen, and everyone should follow these guidelines.
