CBN Removes Foreign Exchange Restrictions on Dairy Imports

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

The CBN had included milk and dairy products in the list of items not eligible for forex on February 11, 2020.

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

The Central Bank of Nigeria recently updated the list of eligible items for foreign exchange (Non-Valid for FX). This update was issued through circular Ref No TED/FEM/PUB/FPC/001/010, dated March 12, 2024. The circular emphasizes that the restriction on foreign exchange for the importation of dairy products and its derivatives has been lifted for all entities, except for selected companies.

Zenith Bank stated that any entity meeting the required extant regulation standards is permitted to seek FX at the Nigeria Foreign Exchange Market (NAFEM) for their transactions.

The apex bank announced on October 12, 2023, the lifting of the ban on 43 items that were previously restricted from accessing forex.

Among the impacted items are 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.

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