CBN may add more to the 41 items not eligible for forex

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

Godwin Emefiele made this revelation at the weekend while addressing the 53rd Annual Bankers Dinner in Lagos.

He said 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.

“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,” Emefiele said.

“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.

“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,” Emefiele added.

“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.”

He said the CBN is working with the EFCC to track anyone who is selling foreign exchange for items listed as not eligible for forex.

The 41 Items are:

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