CBN to Increase Items on Forex Restriction List to 50

By Modupe Gbadeyanka

Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has hinted that the nation’s apex bank will add more items to those already prevented from accessing foreign exchange for importation into the country.

At the moment, there are 42 items importers cannot get forex for at the interbank market, with a view to bringing into the country.

The list initially had 41 items on it, but last month, the central bank added fertiliser to the log.

During an inspection of Dangote Refinery, Petrochemicals and Fertilizer projects in Lagos at the weekend, Mr Emefiele said about eight new items would be added to the restriction list to make it 50 in total.

He said for Nigeria to grow and to encourage more investors like Mr Aliko Dangote to invest in the country, efforts must be made to ensure things that can be locally produced are not imported into the nation.

“We are looking at increasing the items not eligible for forex to 50. We are ready to support in Naira and also ready to provide foreign exchange for any investor who is ready to support Nigeria’s transformational agenda.

“I use this opportunity to repeat that we are ready to support any individual like Aliko Dangote who is willing to invest in this country. We will continue to support companies that display the determination to support the CBN. I feel so delighted and I am happy this is happening in my own life-time and I am sure you are all so happy,” the CBN chief said.

Mr Emefiele praised Mr Dangote, Africa’s richest man, for the volume of work done on the projects since his last visit over two years ago.

He also enthused that the refinery and fertilizer projects would help Nigeria to create thousands of jobs and check importation of fuel by the federal government; thereby saving government huge amounts of forex currently being spent on fuel import.

He added that about 55 to 60 percent of Nigeria’s spending on foreign exchange for the importation of petroleum products and food items would be saved when the Dangote Refinery come on stream.

According to Mr Emefiele, one third of Nigeria’s spending on forex will also be retained when the Dangote Refinery is completed.

Business Post reports that importers of items on the restriction list are only not allowed to get cheaper forex from government to bring in those commodities. However, they can source for forex elsewhere to import the goods.