March 20, (THEWILL)- The Central Bank of Nigeria (CBN) has lifted its February 11, 2020, forex restrictions on the importation of milk and dairy products.
This is coming exactly five months after the apex bank on October 12, 2023, lifted the ban on 43 items previously restricted from accessing forex.
According to a circular addressed to Deposit Money Banks (DMBs) and other financial institutions dated March 12, 2024, the CBN announced that its “restriction on foreign exchange for the importation of dairy products and its derivatives to all entities except selected companies has been lifted.”
Confirming the development, Zenith Bank, in a notice to customers, said the regulator had provided an update on eligible items for foreign exchange in a notice to commercial banks on March 12.
“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,” the notice read.
Zenith Bank said any entity that meets the “necessary extant regulation requirements is allowed to source for FX at the Nigeria Foreign Exchange Market (NAFEM) for the transactions.”
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