The Central Bank of Nigeria (CBN) has announced the lifting of restrictions on the importation of milk and dairy products, reversing a policy implemented in February 2020.
In a notice issued to commercial banks on March 12, the CBN provided an update on eligible items for foreign exchange, signaling a significant shift in policy regarding milk and dairy imports.
Zenith Bank, in a statement to its customers, confirmed the development, stating, “Please be informed that the Central Bank of Nigeria (CBN), through its circular Ref No. TED/FEM/PUB/FPC/001/010, dated March 12, 2024, has provided an update on eligible items for foreign exchange (Non-Valid for FX).”
The statement continued, “In light of the foregoing, please note that the restriction on foreign exchange for the importation of dairy products and its derivatives to all entities except selected companies has been lifted.”
According to Zenith Bank, any entity that meets the “necessary extant regulation requirements is allowed to source for FX at the Nigeria Foreign Exchange Market (NAFEM) for the transactions”.
This move follows the CBN’s decision on October 12, 2023, to lift the ban on 43 previously restricted items from accessing forex.
“Importers of all the 43 items previously restricted by the 2015 Circular referenced TED/FEM/FPC/GEN/01/010 and its addendums are now allowed to purchase foreign exchange in the Nigerian Foreign Exchange Market,” the apex bank had said.
“The CBN is committed to accelerating efforts to clear the FX backlog with existing participants and will continue dialogue with stakeholders to address the issue.”
Among the items affected by the previous ban were 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.
