CBN Moves To Add More To The 41 Items Not Eligible For Forex

The Central Bank of Nigeria (CBN) appears to be considering to increase the number of items not eligible for forex from 41 items to include many others products being produced in Nigeria.

The CBN Governor Godwin Emefiele stated this during the weekend while addressing the 53rd Annual Bankers Dinner in Lagos.

According to him, the bank, based on internal research, has received a recommendation to do so, following a drop of the country’s monthly import bill from $665.4 million in January 2015, to $160.4 million as at October 2018.

His words: “Based on our internal research conducted at the Central Bank of Nigeria, there is strong support that the recovery of our economy from the recession may have been much weaker or even negative, without the implementation of the restriction on 41 items.”

“Our research supports the conclusion that the combination of the restriction on 41 items along with other measures imposed by the fiscal and monetary authorities has helped to promote the recovery.

“In fact, recommendations are being made to the CBN that the list of 41 items be expanded to include other additional items that can be locally produced.”

Emefiele said Nigeria must not lose the progress already made in driving local production, across the nation.

He continued: “We are glad with the accomplishments recorded so far. Accordingly, this policy is expected to continue with vigour until the underlying imbalances within the Nigerian economy have been fully resolved.”

“If we continue to support the growth of smallholder farmers, as well as help to revive palm oil refineries, rice mills, cassava, and tomato processing factories, you can only imagine the amount of wealth and jobs that will be created in the country.”

Meanwhile, here are the 41 items below:

• Rice
• 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
• Galvanized 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 bard
• Wire mesh
• Steel nails
• Security and razor wine
• Wood particle boards and panels
• Wood Fibre Boards and Panels
• Plywood boards and panels
• Wooden doors
• 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 pastes
• Eurobond/foreign currency bond/ share purchases