The Central Bank of Nigeria (CBN) has reversed its decision to restrict the importation of milk and dairy products, signaling a shift in its forex policy.
Initially implemented on February 11, 2020, the restriction on milk and dairy products was part of the CBN’s measures to conserve foreign exchange reserves.
However, in a recent notice to commercial banks dated March 12, 2024, the CBN announced updates on eligible items for foreign exchange transactions, effectively lifting the ban on dairy imports.
In response to the regulatory update, Zenith Bank issued a statement informing its customers of the CBN’s decision to remove the restriction on forex access for dairy imports, allowing all eligible entities to source forex from the Nigeria Foreign Exchange Market (NAFEM) for such transactions.
This move comes after the CBN’s previous decision on October 12, 2023, to lift restrictions on 43 items previously banned from accessing forex. The apex bank emphasized its commitment to addressing the FX backlog and engaging stakeholders to find solutions.
The affected items, including rice, cement, margarine, palm oil products, and others, can now be imported with access to foreign exchange, easing trade restrictions and fostering economic activity.
The decision to lift the ban on dairy imports underscores the CBN’s efforts to adapt its forex policy to prevailing economic conditions while supporting sectors crucial to Nigeria’s growth and development.