Nigeria's Central Bank lifted FX restrictions on milk, dairy, and 43 other import items in March 2024.
Nigeria's Central Bank (CBN) lifted the restriction on Foreign Exchange (FX) access for milk and dairy product imports, according to a notice by Zenith Bank. The CBN had previously prohibited these imports on February 11, 2020. The lifting of the ban was announced on March 12, 2024, in a circular. The CBN also lifted the ban on Forex access for 43 other items earlier prohibited, such as rice, cement, and vegetable oil. The bank stated that the decision aims to address issues with stakeholders and accelerate efforts to clear the FX backlog.
March 20, 2024
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