GOODS NOT VALID FOR FOREX

GOODS NOT VALID FOR FOREX; WHEAT, SUGAR?

GOODS NOT VALID FOR FOREXGoods not valid for forex? The Nigeria Central Bank had placed 41 commodities on foreign currency restriction since 3 June 2015. Ever since, the list of goods not valid for forex keeps increasing. Therefore, it does appear that list might soon include all food products. Whatever be the case, everyone who mean well for the Nigeria country should understand this noble action.

The CBN explained that placing goods, which can be manufactured in Nigeria on forex restriction, would help the economy.

WHAT DOES IT MEAN FOR GOODS TO BE NOT VALID FOR FOREX LIST?

Goods not valid for forex are not contraband goods. What this classification simply means is that those goods so listed cannot access forex via official window. Thus, Importers of such commodities must explore other means for buying foreign currency. For details on how to go about importing items restricted for forex, kindly read our article below.

Read Also: CBN 41 ITEMS NOT VALID-FOR-FOREX: HOW TO IMPORT

GOODS NOT VALID FOR FOREX; WHEAT, SUGAR TO JOIN LIST?

In the course of an inspection tour for the proposed $500m Dangote sugar processing facility, the CBN Governor hinted on adding wheat and sugar to the list of forex restriction.

“We are looking at sugar and wheat. We started a program on milk about two years ago, eventually; these products will go into our forex restriction list.” The central bank governor said.

Additionally, the governor said sugar cost $600m to $1bn of import annually.

“Sugar and Wheat to go into our FX restriction list. We must work together to produce these items in Nigeria rather than import them.” The CBN governor said in clearer direct statement via twitter handle.

Read Also: FERTILIZERS AMONG 42 FOREX RESTRICT ITEMS

CONCLUSION:

The Nigeria CBN Governor has indicated interest to include sugar and wheat to list of goods restricted for forex. Other commodities in this list includes milk, fertilizer, textiles, etc. goods in the forex restriction list are not to be confused with prohibited goods for import. Hence, Importers of items restricted for forex must source foreign currency from alternative sources than interbank. Consequently, such importer will spend more to import goods not valid for forex. Finally, contact us to handle your import from beginning to the end, so that you could focus on other matters.

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