CBN lifts forex restrictions on dairy products

CBN lifts forex restrictions on dairy products

The Central Bank of Nigeria has lifted its restrictions on the importation of milk and dairy products.

Milk and dairy products were on February 11, 2020 added to the list of items not eligible for forex.

But in a notice to customers on Tuesday, Zenith Bank said the regulator had provided an update on eligible items for foreign exchange to commercial banks on March 12.

The notice read, “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).

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

Zenith Bank said any entity that met the “necessary extant regulation requirements is allowed to source for FX at the Nigeria Foreign Exchange Market (NAFEM) for the transactions”.

On October 12, 2023, the apex bank announced the lifting of the ban on 43 items previously restricted from accessing forex.

Some of the affected items are rice, cement, margarine, palm kernel, palm oil products, vegetable oils, meat and processed meat products, vegetables and processed vegetable products, poultry, tomatoes/tomato paste, soap, cosmetics, and head pans.