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Is Cbn’s Restricted Access To FX Good For Business? List Of Items Not Valid... by lindalastprice: 2:59pm On Jul 07, 2015 |
Is CBN’s Restricted Access to FX Good for Business? List of Items not valid for Foriegn Exchange According to the Central Bank of Nigeria (CBN), the decision to bar 40 products from having access to the forex window is aimed at encouraging local production of products, where the country has comparative advantage. The implication is that the policy will help conserve foreign reserves and facilitate the resuscitation of domestic industries as the limited foreign reserves will be used to import raw materials as well as plants and machinery for production rather than finished goods and thus positively impact employment generation. For the avoidance of doubt, the importation of the items are not banned, thus importers desirous of importing same shall do so using their funds without any recourse to the Nigerian foreign exchange markets. An upside of this is that Trading Companies will be able to import items that were previously banned such as Furniture and Textiles and be less able to compete with local manufactures due to Exchange Rate and High Tariffs. The downside is the lack of political will to place a full ban on items the country should have exclusive right to produce without competition from imports such as Toothpicks! List of Items not Valid for Foreign Exchange at the Nigerian Foreign Exchange Window Rice Cement Margarine Palm Kernel Palm Oil Products/ Vegetable Oils Meat and Processed Meat Products Vegetables and Processed Vegetable Products Poultry- Chicken, eggs, Turkey Private Airplanes/Jets Incense Tinned Fish in sauce (Geisha)/Sardines and Fish Cold Rolled Steel Sheets Galvanized Steel Sheets Roofing Sheets Wheelbarrows Head Pans Metal Boxes and Containers Enamelware Steel Drums Steel Pipes Wire Rods (deformed and not deformed) Iron Rods an Reinforcing Bars Wire Mesh Steel Nails Security and Razor Wire Wood Particle Boards and Panels. Wood Fiber Boards and Panels Plywood Boards and Panels Wooden Doors Furniture Toothpicks Glass and Glassware Kitchen Utensils Table wares Tiles- Vitrified and Ceramic Textiles Woven Fabric Clothes Plastic and Rubber Products, Cellophane Wrappers and Finished Aluminium Cans Soap and Cosmetics Tomatoes/Tomato Pastes Euro bond/ Foreign Currency Bond/ Share Purchases. Linda is a Blogger and Financial Analyst @LastPrice.com Hotline: +234 816 861 3414 SMS – 33446 Email – info@lastprice.com Website: http://www.lastprice.com/
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Re: Is Cbn’s Restricted Access To FX Good For Business? List Of Items Not Valid... by seedgreen(m): 3:12pm On Jul 07, 2015 |
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