In steps to reduce the pressure on the Naira and also to preserve the country's external reserves, the Central Bank of Nigeria, CBN, has officially stopped the sale of dollars for a list of 40 items.
This was made known in a circular signed by its Director, Trade and Exchange Department, Olakanmi Gbadamosi, which was posted on the CBN website yesterday.
What this means is that while these 40 items have not been banned in the country, those importing them in have now been excluded from accessing foreign exchange at the Nigerian foreign exchange market.
The items include, rice, cement, margarine, palm kernel/palm oil products/vegetable oil, meat and processed meat products, vegetable and processed vegetable products, poultry –chicken, eggs, turkey, private airplanes/jet, Indian Incense, tinned fish in sauce - Geisha/Sardines, cold roiled steel sheet and galvanised steel sheets.
Others are roofing sheets, wheel barrows, head pans, metal boxes and containers, enamelware, steel drums, steel pipes, wires, rods, wire mesh, steel nails, security and razor wire, wood particles boards and panels, wood fiber board and panels, plywood boards and wooden doors.
In addition, sourcing of forex for the importation of toothpicks, glass and glassware, kitchen utensils, tables, textiles, woven fabrics, clothes, plastic and rubber products, soap and cosmetic, tomatoes/tomato paste and Eurobond/foreign currency bond/share purchase.
All authorised dealers are asked to ensure strict compliance with the directive.
Recall that earlier this year, the CBN Governor, Godwin Emefiele had said in a forum that the only thing that will reduce pressure on our currency is by producing those things that are being imported.
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