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Prices of goods set to crash as CBN Lifts Restriction on 43 Items

Prices of goods set to crash as CBN Lifts Restriction on 43 Items
Prices of goods set to crash as CBN Lifts Restriction on 43 Items (Photo: Legit.ng)

Central Bank’s Director(CBN), Corporate Communications, Dr Isa AbdulMumin on Thursday in Marrakech announced the lifting of import restrictions on 43 items.

AbdulMumin also announced that Importers of all the 43 items previously restricted in 2015 are now allowed to purchase foreign exchange in the Nigerian FX market.

Market watchers sai said with the development, prices of commodities are bound to come down once the new imports start to arrive Nigeria.

They therefore advised those hoarding these commodities to quickly sale them to customers or be ready to lose.

The CBN action is in reaction to the continuous weakening of the Naira against the dollar and other currencies at both the official and parallel forex markets.

As at the close of work on Thursday the Naira exchanged to the dollar at N1,030/ USD and N775/ dollar at the parallel and official market windows respectively.

Below is the full list of the items as announced by the CBN :

1. Rice

2. Cement

3. Margarine

4. Palm kernel

5. Palm oil products

6. Vegetable oils

7. Meat and processed meat products

8. Vegetables and processed vegetable products

9. Poultry and processed poultry products

10. Tinned fish in sauce (Geisha)/sardine

11. Cold rolled steel sheets

12. Galvanized steel sheets

13. Roofing sheets

14. Wheelbarrows

15. Head pans

16. Metal boxes and containers

17. Enamelware

18. Steel drums

19. Steel pipes

20. Wire rods (deformed and not deformed)

21. Iron rods

22. Reinforcing bars

23. Wire mesh

24. Steel nails

25. Security and razor fencing and poles

26. Wood particle boards and panels

27. Wood fiberboards and panels

28. Plywood boards and panels

29. Wooden doors

30. Toothpicks

31. Glass and glassware

32. Kitchen utensils

33. Tableware

34. Tiles-vitrified and ceramic

35. Gas cylinders

36. Woven fabrics

37. Clothes

38. Plastic and rubber products

39. Polypropylene granules

40. Cellophane wrappers and bags

41. Soap and cosmetics

42. Tomatoes/tomato pastes

43. Eurobond/foreign currency bond/ share purchases

Obinna Nwachukwu

Techrectory with Agency Report.

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Written by Percy Onyeka

A seasoned Tech/Business Analyst, Digital Media Consultant , Publisher and Entrepreneur with more than a decade experience. Online Editor in Chief-New National Star newspaper and a host of clients...

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