The Central Bank of Nigeria (CBN) has decided to lift foreign exchange restrictions on 43 items that were previously restricted by the administration of former President Muhammadu Buhari. This decision has been met with various reactions, including the strong criticism of Sam Amadi, a public affairs analyst and the Director of the Abuja School of Social and Political Thoughts.
Amadi expressed his negative view of Buhari’s eight-year tenure, describing it as a “disaster” and suggesting that it would take a long time for Nigerians to forget it. He also criticized those who supported Buhari during his time in office.
The 43 items for which the foreign exchange restrictions have been lifted include various goods such as rice, cement, margarine, palm oil products, meat, vegetables, poultry products, steel products, wood products, toothpicks, glassware, kitchen utensils, clothing, and more. These restrictions were initially imposed by the Buhari administration but have now been lifted by the CBN.
It’s important to note that the decision to lift these restrictions is a significant policy change, and it reflects a shift in the government’s approach to foreign exchange control. This move may have economic and political implications in Nigeria, and opinions on it may vary widely among the country’s citizens and analysts.
The items include:
4. Palm kernel
5. Palm oil products
6. Vegetable oils
7. Meat and processed meat products
8. Vegetables and processed vegetable products
9. Poultry and processed poultry products
10. Tinned fish in sauce (Geisha)/sardine
11. Cold rolled steel sheets
12. Galvanized steel sheets
13. Roofing sheets
15. Head pans
16. Metal boxes and containers
18. Steel drums
19. Steel pipes 20. Wire rods (deformed and not deformed)
22. Reinforcing bars
23. Wire mesh
24. Steel nails
25. Security and razor fencing and poles
26. Wood particle boards and panels
27. Wood fiberboards and panels
28. Plywood boards and panels
29. Wooden doors
31. Glass and glassware
32. Kitchen utensils
34. Tiles-vitrified and ceramic
35. Gas cylinders
36. Woven fabrics
38. Plastic and rubber products
39. Polypropylene granules
40. Cellophane wrappers and bags
41. Soap and cosmetics
42. Tomatoes/tomato pastes
43. Eurobond/foreign currency bond/ share purchases.