The Central Financial institution of Nigeria, CBN, has lifted foreign exchange restrictions on the importation of milk and dairy merchandise within the nation, a transfer anticipated to push down costs.
This was contained in a CBN round with the reference quantity TED/FEM/PUB/FPC/001/010 dated March 12 to all banks.
Zenith Financial institution additional confirmed the event in a current discover to prospects.
“Please learn that the Central Financial institution of Nigeria (CBN), via its round Ref No: TED/FEM/PUB/FPC/001/010, dated March 12, 2024, has offered an replace on eligible gadgets for overseas alternate (Non-Legitimate for FX),” the assertion reads.
“In gentle of the previous, please notice that the restriction on overseas alternate for importing dairy merchandise and its derivatives to all entities besides chosen corporations has been lifted.”
This implies importers can now entry overseas alternate at official market charges.
Recall that on February 11, 2020, the CBN had added milk and dairy merchandise to the record of things not eligible for foreign exchange.
In the meantime, on October 12, 2023, the apex financial institution introduced lifting the ban on 43 gadgets beforehand restricted from accessing foreign exchange.
On Tuesday, the Naira appreciated to N1,560.57 per USD from N1,572.82 on Monday on the official foreign exchange market. This decreased the import obligation alternate charge to N1,572.507 per USD on Tuesday from N1,593.41.
