CBN’s List Of Banned Items To Be Replaced - Osinbajo
The 41 items on the list of items that the Central Bank of Nigeria, CBN will not grant its importers access to foreign exchange will be replaced soon.
This is according to Vice President, Yemi Osinabjo who disclosed this while speaking on The Platform, an event organized by a religious organization, Covenant Christian Centre on Monday in Lagos.
According to the VP, this forms part of government’s plans to stablise the micro-economic environment and drag the country out of recession.
“We are also working on replacing some of the 41 items not valid for foreign exchange with a more trade policy driven restriction, taking into account those items that are required and locally unavailable which we must of course continue to import,” he said.
He said in order to stabilize the micro-economic environment, the government had “focused on aligning our fiscal with monetary policy and nudging the CBN in the general direction of allowing a more market-determined exchange rates.”
Recall that in April, 2015, the CBN in a circular listed 41 items including 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, etc; the importers of which could not be sold dollars by the CBN.