“CBN Lifts Restrictions on Importation of Milk and Dairy Products

The Central Bank of Nigeria (CBN) has removed the restrictions on importing milk and dairy products. Initially added to the ineligible list for forex on February 11, 2020, the CBN updated its policy on March 12, 2024, allowing all entities meeting regulatory requirements to access foreign exchange for these transactions.

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This decision follows the lifting of bans on 43 items in October 2023, as part of efforts to clear the FX backlog and engage stakeholders in dialogue for further resolutions.

In a notice to customers, Zenith Bank highlighted the CBN’s latest circular, stating, “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 selected companies has been lifted.”

Zenith Bank clarified that any entity meeting the necessary regulatory requirements is now permitted to source for FX at the Nigeria Foreign Exchange Market (NAFEM) for these transactions.

The CBN’s commitment to accelerating efforts in clearing the FX backlog demonstrates its proactive approach in addressing economic challenges and fostering growth in key sectors.

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