CBN confirms 43 banned items policy remains
By Sodiq Adelakun
The Central Bank (CBN) has said that the status quo remains on the 43 non-eligible items banned from the forex market introduced under Godwin Emefiele leadership as CBN Governor.
The items are not permitted to be funded from the I & E window.
This is according to the information contained in the Q&A document published by the central bank explaining the new Operational Changes to the Forex Market.
The report is titled “Understanding the Operational Changes to the Forex Market” and it is published on its website.
In the part of the Q&A report which asked “Can the 43 Non-Eligble Items access FX at the I&E window” the response was “The status quo remains on the 43 non-eligible items. The items are not permitted to be funded from the I & E window.”
This confirms the Central Bank will continue to implement the ban on the 43 items suggesting the government will continue with import substitution as they seek to keep protecting the local market.
Recall that Godwin Emefiele was suspended on Friday the 9th of June due to an ongoing investigation carried out by the Tinubu administration. Emefiele has staunchly supported this policy.
Over the years, the CBN has been modifying this list by including more items and in 2020 added maize/corn, which is a widely-consumed staple food in the country.
In an event five years ago, Godwin Emefiele emphasized why the ban will remain stating that it had led to remarkable success in domestic production of the goods in question. As such, its implementation would be intensified.
“Given the remarkable success that has been achieved in stimulating domestic production of goods such as rice, cassava, and maize, as a result of the restriction placed by the CBN on access to forex for these items, the CBN intends to vigorously ensure that this policy remains in place and additional efforts will be made to block any attempts by unscrupulous parties. I mean both individuals and corporates that intend to find other avenues of accessing forex, in order to import these items into Nigeria.”
