The Central Bank of Nigeria (CBN) has lifted its ban on the importers of toothpick and 42 other items that were previously restricted by a 2015 Circular.
Some of the other items that have been removed from the list of prohibited items include:
- Canned fish
- Cereal
- Palm oil products
- Processed meat
- Sugar
- Tomato paste
- Rice
- Frozen chicken
- Eggs
- Fruit juices
- Vegetables
- Furniture
- Carpets
- Textiles
- Footwear
- Handbags
- Cosmetics
- Soap
- Detergents
- Toiletries
- Toothpaste
- Paper products
- Ceramics
- Glassware
- Plastic products
- Rubber products
- Wood products
- Metal products
- Electrical appliances
- Electronic appliances
- Mechanical appliances
- Machinery
- Parts and accessories
- Other items as may be determined by the CBN from time to time.
The CBN announced that importers of these items are now allowed to purchase foreign exchange in the Nigerian Foreign Exchange Market. This decision is part of the CBN’s efforts to promote price stability.
The CBN stated that it will continue to ensure that market forces determine exchange rates on a “willing buyer-willing seller” principle, promoting price discovery, transparency, and credibility in foreign exchange rates. The central bank also mentioned its commitment to accelerating efforts to clear the foreign exchange backlog with existing participants and to work towards achieving a single foreign exchange market.
In June 2015, the CBN had issued a list of items, including toothpick, that were “Not Valid for Foreign Exchange” as they were considered items that could be produced in Nigeria instead of being imported. The ban covered various products, including rice, cement, margarine, palm oil products, textiles, and more.
The CBN’s recent decision to lift the ban on toothpick and other items is in line with its goal to maintain price stability and ensure liquidity in the foreign exchange market.
