By Modupe Gbadeyanka
The foreign exchange ban earlier placed on the importation of 41 items by the Central Bank of Nigeria (CBN) has finally been removed.
The apex bank said in a circular that importers intending to bring any of the listed 41 items into the country will now have up to $20,000 allotted to them per quarter.
In 2015, the central bank, as a way of savaging the Naira and encouraging local manufacturers, placed an embargo on the importation of rice, furniture, soaps, toothpicks, cosmetics, cement, private jets, steel products, plastics and rubber, margarine, palm kernel/palm oil products/vegetables oils, meat and processed meat products, vegetables and processed vegetable products, poultry chicken, eggs, turkey and others.
The move was also brought about to save the country’s foreign reserves, which have increased lately.
Few days ago, the Vice President, Mr Yemi Osinbajo, hinted that the Federal Government may lift the ban on the 41 items.
The Vice President, while addressing a gathering on Tuesday, had said the government would consider the option in order to promote the local manufacturing of 41 items such as rice and toothpicks.
“In stabilizing the macroeconomic environment, we have focused on aligning fiscal with monetary policy and nudging the central bank toward the objective of more market-determined exchange rates,” Mr Osinbajo had said.
In the circular issued by the CBN a moment ago, it said, “Importers of items classified as not valid for forex with transactions value of $20,000 and below per quarter shall now qualify for allocation of foreign exchange.”
Adedapo Adesanya 
Dipo Olowookere