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CBN lifts FX restrictions on milk, dairy products importation

By Oluyemi Ogunseyin
20 March 2024   |   3:30 pm
The Central Bank of Nigeria (CBN) has lifted foreign exchange (forex) restrictions on the importation of milk and dairy products in the country. CBN announced the lifting of forex restrictions in a communique to all the commercial banks in Nigeria dated Tuesday, March 12, 2024, with the reference number TED/FEM/PUB/FPC/001/010. “Please be informed that the…
Deputy Governor, Economic Policy, Central Bank of Nigeria (CBN), Muhammed Sani Abubakar (left); CBN Governor,  Olayemi Cardoso; Deputy Governor, Corporate Services, Dr. Bala  Bello and Deputy Governor, Financial System Stability, Philip Ikeazor during a press conference on the first Monitoring Policy Committee (MPC) meeting of year 2024 at the CBN headquarters in Abuja PHOTO: LUCY LADIDI ATEKO

The Central Bank of Nigeria (CBN) has lifted foreign exchange (forex) restrictions on the importation of milk and dairy products in the country.

CBN announced the lifting of forex restrictions in a communique to all the commercial banks in Nigeria dated Tuesday, March 12, 2024, with the reference number TED/FEM/PUB/FPC/001/010.

“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),” confirmed Zenith Bank in a recent notice to customers.

“In light of the preceding, please note that the restriction on foreign exchange for importing dairy products and its derivatives to all entities except selected companies has been lifted.”

What this simply implies is that importers can now have access to foreign exchange at the official market rates.

CBN had on February 11, 2020 included milk and dairy products on the list of items which were declared ineligible for forex.

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