The Central Bank of Nigeria (CBN) has announced the lifting of restrictions on the importation of milk and dairy products. This decision marks a significant policy shift from the CBN, which had previously included milk and dairy products in the list of items ineligible for foreign exchange (forex) on February 11, 2020.
In a notice to customers, Zenith Bank, one of Nigeria’s leading commercial banks, confirmed the update on eligible items for forex, as communicated by the CBN in a notice to commercial banks on March 12, 2024.
The statement from Zenith Bank read: “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.”
According to Zenith Bank, entities that meet the necessary regulatory requirements are now allowed to source for foreign exchange at the Nigeria Foreign Exchange Market (NAFEM) for transactions related to the importation of milk and dairy products.
This move follows the CBN’s previous decision on October 12, 2023, to lift the ban on 43 items that were previously restricted from accessing forex. The apex bank’s commitment to clearing the forex backlog and engaging stakeholders to address related issues remains unwavering.
Some of the items affected by the lifting of restrictions include rice, cement, margarine, palm kernel, palm oil products, vegetable oils, meat and processed meat products, vegetables and processed vegetable products, poultry, tomatoes/tomato paste, soap, cosmetics, and head pans.
The decision to lift restrictions on milk and dairy product imports is expected to have significant implications for businesses in Nigeria, as it opens up opportunities for increased trade and access to a wider range of products in the market.
