The Central Bank of Nigeria (CBN) has removed forex restrictions on the importation of milk and dairy products, aiming to lower prices.
The decision, outlined in a CBN circular dated March 12 (reference number TED/FEM/PUB/FPC/001/010), applies to all banks, as confirmed by Zenith Bank in a recent notice to customers.
Importers can now access foreign exchange at official market rates, reversing the previous restriction imposed on February 11, 2020.
Additionally, the CBN had lifted the ban on 43 previously restricted items accessing forex on October 12, 2023.
As a result, the Naira appreciated to N1,560.57 per USD on Tuesday from N1,572.82 on Monday, lowering the import duty exchange rate to N1,572.507 per USD on Tuesday from N1,593.41.
