BREAKING NEWS: CBN lifts FX restrictions on milk, dairy products import to crash prices

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CBN lifts FX restrictions on milk, dairy products import to crash prices

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The Central Bank of Nigeria, CBN, has lifted forex restrictions on the importation of milk and dairy products in the country, a move expected to push down prices.

This was contained in a CBN circular with the reference number TED/FEM/PUB/FPC/001/010 dated March 12 to all banks.

Zenith Bank further confirmed the development in a recent notice to customers.

“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),” the statement reads.

“In light of the preceding, please note that the restriction on foreign exchange for importing dairy products and its derivatives to all entities except selected companies has been lifted.”

This means importers can now access foreign exchange at official market rates.

Recall that on February 11, 2020, the CBN had added milk and dairy products to the list of items not eligible for forex.

Meanwhile, on October 12, 2023, the apex bank announced lifting the ban on 43 items previously restricted from accessing forex.

On Tuesday, the Naira appreciated to N1,560.57 per USD from N1,572.82 on Monday at the official forex market. This reduced the import duty exchange rate to N1,572.507 per USD on Tuesday from N1,593.41.

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