CBN lifts Forex Restriction on Toothpicks, Rice, Cement and 40 others

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:

1. Rice

2. Cement

3. Margarine

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

14. Wheelbarrows

15. Head pans

16. Metal boxes and containers

17. Enamelware

18. Steel drums

19. Steel pipes 20. Wire rods (deformed and not deformed)

21.Iron rods

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

30. Toothpicks

31. Glass and glassware

32. Kitchen utensils

33. Tableware

34. Tiles-vitrified and ceramic

35. Gas cylinders

36. Woven fabrics

37. Clothes

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.