The importation of dairy products and milk is no longer restricted by the Central Bank of Nigeria (CBN).
Dairy products and milk were added to the list of goods that the CBN declared ineligible for FX on February 11, 2020.
On the other hand, Zenith Bank informed clients that on March 12, the regulator had given commercial banks an update on items that qualified for foreign exchange.
Kindly note that the Central Bank of Nigeria (CBN), in accordance with Circular No.
An update on items suitable for foreign exchange (Non-Valid for FX) has been provided by TED/FEM/PUB/FPC/001/010, dated March 12, 2024, according to the statement.
“With the aforementioned in mind, kindly take note that the ban on using foreign currency to import dairy products and their derivatives to all entities other than specific companies has been removed.”
Any organization that satisfies the “minimum extant regulatory requirements is permitted to source for FX at the Nigeria Foreign Exchange Market (NAFEM) for the transactions,” according to Zenith Bank.
The apex bank declared on October 12, 2023, that the ban on 43 items that were previously prohibited from acquiring foreign exchange will be lifted.
“The Nigerian Foreign Exchange Market now permits importers of all 43 items previously prohibited by the 2015 Circular referenced TED/FEM/FPC/GEN/01/010 and its addendums to purchase foreign exchange,” the apex bank had declared.
In order to solve the problem, the CBN is dedicated to stepping up efforts to reduce the FX backlog with current participants and would keep talking with stakeholders.