CBN lifts Forex restriction on the importation of dairy products

The Central Bank of Nigeria has lifted the ban on accessing forex for the importation of certain food items such as dairy products. Some banks have begun sending out notifications to customers on request eligibility for such transactions after an update on eligible items for FX was issued by CBN in a circular to commercial banks on March 12, 2024. One such customer notification reads “CBN 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). Consequently, please note that the restriction on foreign exchange for importing dairy products and their derivatives to all entities except selected companies has been lifted. An entry that meets the requirements can be a source for FX at the Nigerian Autonomous Foreign Exchange Market (NAFEM) for transactions.” CBN thus far, has lifted forex restrictions on 43 items that Nigerians can import into the country. Initially, on February 11, 2020, the apex bank added milk and dairy products to the list of items not eligible for forex access.