Forex Restriction List To Rise To 50–CBN

By Ikenga Chronicles January 21, 2019

Forex Restriction List To Rise To 50–CBN

The Central Bank of Nigeria(CBN) has hinted that foreign exchange restriction list could increase from 42 to 50 in order to boost local production and stimulate the export market.

The Governor, Central Bank of Nigeria , Mr Godwin Emefiele , said this on Saturday during an inspection of the refinery being built by Dangote Group at the Lekki Free Trade Zone in Lagos.

Emefiele said the CBN would get more
aggressive in ensuring that more items being imported into the country were added to the forex restriction list.

He said, “To put it in proper perspective, by the time you dimension the size of the foreign exchange we use in importing petroleum products into the country, it is at least one third of the foreign exchange the CBN spends to
import items into Nigeria today.

“By the time we add also the 42 items that we have, which certainly we are going to increase from 42 may be to 50 or more in due course because we are going to get more aggressive in ensuring that more and more food items that are being imported into this country are added into the FX restriction list.

“I am saying that by the time we add the
savings from the production and export of petroleum products; by the time we also add the foreign exchange that we spend on food items, close to 55 or 60 per cent of what the CBN or what the government spends in funding its foreign exchange operations will be saved in the country.”

The CBN had in recent years placed restriction on access to forex for 41 items in order to support the production of goods that can be produced locally such as rice, tomatoes, and palm oil for domestic and the export market.

But in December 2018 , the CBN included
fertiliser, thereby increasing the items on the forex restriction list to 42.