The 43-item FX restriction: Success, failure or both?

    Oluwatobi Ojabello | Editor’s picks | Jun 16, 2026    
Get Unlimited Access
Subscribe to unlock this article

Complete digital access to quality journalism on any device. Cancel anytime during your trial.

Once registered, you can:

  • Read this article and many more, including access to epapers and research
  • Enjoy customize article feed/recommendation based on your profile
  • Enjoy access to Businessday exclusive events
  • One-Access accross Businessday platforms

Share this article
Shared
5796
times

On June 23, 2015, the Central Bank of Nigeria issued Circular TED/FEM/FPC/GN/01/010, declaring 41 imported product categories ineligible for foreign exchange in the official market. Subsequent addenda raised the count to 43, including milk and dairy products in 2019, imports the CBN said were consuming between $1.2 billion and $1.5 billion in foreign exchange every year. The list ran from rice, cement, tomato paste, textiles and steel products to toothpicks. Importers were never banned from bringing those goods into Nigeria. They were only barred from buying official dollars to pay for them.

Continue reading your article with a
BusinessDay subscription





Already a subscriber?
Sign In
RECOMMENDED STORIES
support_agent