MAY 18, 2023
NIGERIANS IMPORTED OVER N18TN WORTH OF MEAT, COOKING OIL AND MORE OVER A SEVEN YEAR PERIOD
Nigerians imported not less than nine items worth N18.12tn from the forex ban list of the Central Bank of Nigeria between 2016 and 2022, findings by The PUNCH have shown.
The CBN had categorized about 41 import items as not valid for forex, which means that the importer will not be able to get forex from the apex bank for such items.
The apex bank said the restriction was part of efforts to sustain the stability of the foreign exchange market, ensure effective utilisation of foreign exchange and the derivation of optimum benefit from goods and services imported into the country.
However, these items were not banned or prohibited by the Nigerian Customs Service, so they can still be imported.
According to an analysis of Nigerian Foreign Trade reports of the National Bureau of Statistics from 2016 to 2022, items such as crude palm oil, vegetable products, animal products, meat, vegetable fats and oil, steel products, rubber, plastic, clothes, and textiles were imported from various countries.
Source: Punch, April 2023