Importers of dairy products can now access foreign exchange from banks as the Central Bank of Nigeria (CBN) has lifted the restrictions on the importation of milk and dairy products.
On February 11, 2020, the CBN included milk and dairy products to the list of items not eligible for forex.
The restriction has, however, bee removed, according to a notice by Zenith Bank to its customers, Zenith Bank.
Zenith Bank, in the notice, said the regulator had provided an update on eligible items for foreign exchange in a notice to commercial banks on March 12.
“Please be informed that the Central Bank of Nigeria (CBN), through its circular Ref No. TED/FEM/PUB/FPC/001/010, dated March 12, 2024, has provided an update on eligible items for foreign exchange (Non-Valid for FX),” the statement reads.
“In light of the foregoing, please note that the restriction on foreign exchange for the importation of dairy products and its derivatives to all entities except se lected companies has been lifted.”
Zenith Bank said any entity that meets the “necessary extant regulation requirements is allowed to source for FX at the Nigeria Foreign Exchange Market (NAFEM) for the transactions”.
In October 2023, the CBN lifted the ban on 43 items previously restricted from accessing forex.
