“How will those factories compete now…There is forex scarcity.. We have huge dollar denominated debt. The unemployment rate is 25% and galloping inflation. Sincerely, I need education on Tinubunomics..” You actually want to read what some Nigerians said on this, here
Some Nigerians have taken to the Platforms Africa forum to query the lifting of foreign exchange access ban on 43 items including toothpicks, and wheelbarrows, by the Central Bank of Nigeria (CBN).
The apex ban, Platforms Africa earlier reported, lifted the ban on 43 items previously restricted from accessing foreign exchange (forex) from the investor’s and exporters’ (I&E) window.
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The CBN had initially in 2015 restricted 41 items from accessing FX from the I&E window, the country’s official market.
The CBN in a statement on Thursday said importers of the items are now allowed to purchase foreign exchange in the official market.
Here’s the full list of the 43 items.
▪︎ Rice
▪ Cement
▪︎ Margarine
▪︎ Palm kernel/palm oil products/vegetable oils
▪︎ Meat and processed meat products
▪︎ Vegetables and processed vegetable products
▪︎ Poultry chicken, eggs, turkey
▪︎ Private airplanes/jets
▪︎ Indian incense
▪︎ Tinned fish in sauce (geisha)/sardines
▪︎ Cold rolled steel sheets
▪︎ Galvanised steel sheets
▪︎ Roofing sheets
▪︎ Wheelbarrows
▪︎ Head pans
▪︎ Metal boxes and containers
▪︎ Enamelware
▪︎ Steel drums
▪︎ Steel pipes
▪︎ Wire rods (deformed and not deformed)
▪︎ Iron rods and reinforcing bars
▪︎ Wire mesh
▪︎ Steel nails
▪︎ Security and razor wire
▪︎ Wood particle boards and panels
▪︎ Wood fiber boards and panels
▪︎ Plywood boards and panels
▪︎ Wooden doors
▪︎ Furniture
▪︎ Toothpicks
▪︎ Glass and glassware
▪︎ Kitchen utensils
▪︎ Tableware
▪︎ Tiles – vitrified and ceramic
▪︎ Textiles
▪︎ Woven fabrics
▪︎ Clothes
▪ Plastic and rubber products, cellophane wrappers
▪︎ Soap and cosmetics
▪︎ Tomatoes/tomato pastes
▪︎ Euro bond/foreign currency bond/share purchases
▪︎ Maize/corn
▪︎ Fertiliser
Meanwhile, some Nigerians, including the famous current affairs analyst, Dr. Omotuyi Mebwondu, have reacted to the lift of forex access ban on toothpick and 42 other items.
Asking questions on the reason behind this move, Mebawondu said; “Sincerely, I need education on Tinubunomics.. There is forex scarcity.. We have huge dollar denominated debt…The unemployment rate is 25% and galloping inflation..
“We’ve invested money in growing rice and many manufacturing concerns around those banned items. We are preaching made in Nigeria and industrialization drive..
“Now we are opening up forex access to all these items.. Are we unaware of the.effects on forex outflow, employment, industrialization and innovations?
“How will those factories compete now?
“Indeed, what the heck do I know? 🤷🏾♂️ Na to be patient remain..😤”
His view was corroborated by a journalist, Mr. Wale Sanyaolu.
According to him, the new move may end up a rhetoric because there is no enough forex .
“It may end up in rhetorics because there isn’t any forex anywhere to fund the unbanned items,” Sanyaolu said.
