Industry News

Nigeria lifts import restrictions


Nigeria has always implemented strict foreign exchange control policies. The foreign exchange purchase policy will change depending on whether the foreign exchange reserves are sufficient. Sometimes Nigerian customers will even delay payment by saying "they can't buy U.S. dollars now", or they may act as agents. The operating fees are extremely expensive.

In 2015, the Central Bank of Nigeria published a list of imported goods that "cannot be exchanged for foreign exchange at the Nigerian foreign exchange window", ranging from rice, soap, steel pipes, stocks to private jets, with as many as 43 categories.

Restricted by factors such as the epidemic, the Russia-Ukraine conflict, and insufficient investment, Nigeria, Africa's largest economy, is facing multiple challenges such as weak growth, record debt, and a sluggish oil industry, its pillar industry.

In June this year, Nigeria's new President Tinubu dismissed Emefiele, the central bank governor who had been in office for 9 years, and subsequently the central bank began to liberalize the exchange rate pricing range.

In October, the Central Bank of Nigeria (CBN) lifted foreign exchange restrictions on the import of 43 commodities.

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