Inclusion of Some Imported Goods and Services on the List of Items Not Valid for Foreign Exchange in the Nigerian Foreign Exchange Market - UPDATED

TRAL BANK OF NIGERIA orporate Head Office Central Business District P.M.B. 0187. Garki, Abuja, FCT 09-46237804 09-46237802 TRADE AND EXCHANGE DEPARTMENT E-mail address:ted@cenbank.orq TED/FEM/FPC/GEN/01/010 June 23, 2015 TO: GENERAL PUBLIC/ AUTHORISED DEALERS INCLUSION OF SOME IMPORTED GOODS AND SERVICES ON THE LIST OF ITEMS NOT VALID FOR FOREIGN EXCHANGE IN THE NIGERIAN FOREIGN EXCHANGE MARKETS In the continuing effort to sustain the stability of the foreign exchange market and ensure the efficient utilization of foreign exchange and the derivation of optimum benefit from goods and services imported Into the country, It has become Imperative to exclude importers of some goods and services from accessing forelgn exchange at the Nigerian forelgn exchange markets In order to encourage local production of these Items.

The implementation of the policy will help conserve foreign reserves as well as facilitate the resuscitation of domestic Industries and Improve employment generation.

For the avoldance of doubt, please note that the Importation of these Items are not banned, thus importers desirous of Importing these Items shall do so using their own funds without any recourse to the Nigerian foreign exchange markets.

The list of the Items which may be reviewed as the need arises Is attached.

All Authorized Dealers are enjolned to ensure strict compliance.

OLAKANMIT. GBADAMOS DIRECTOR, TRADE AND EXCHANGE DEPARTMENT LIST OF ITEMS NOT VALID FOR FOREIGN EXCHANGE AT THE NIGERIAN FOREIGN EXCHANGE WINDOW

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. Indlan Incense 10. Tinned Flsh In sauce (Gelsha)/Sardines 11. Coid Rolled Steel Sheets 12. Galvanlzed 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)
2. Iron Rods and Reinforcing Bars 22. Wire Mesh 23. Steel Nalls 24. Security and Razor Wire 25. Wood Particie Boards and Panels 26. Wood Fiber Boards and Panels 27. Plywood Boards and Panels 28. Wooden Doors 115 29. Furnitures 30. Toothplcks 31. Glass and Glassware 32. Kitchen Utensils 33. Tableware 34. Tlies - 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/Forelgn Currency Bond/Share Purchases