CBN lifts restrictions on milk and dairy imports

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The Central Bank of Nigeria (CBN) has announced the lifting of restrictions on the importation of milk and dairy products. In a notice to commercial banks dated March 12, the CBN updated the list of eligible items for foreign exchange, allowing all entities meeting regulatory requirements to source foreign exchange for dairy imports from the Nigeria Foreign Exchange Market (NAFEM).

Zenith Bank, in a statement to customers, confirmed the regulatory update, indicating that the previous restriction on foreign exchange for dairy imports has been lifted. Now, any entity complying with existing regulations can access foreign exchange for transactions related to milk and dairy products.

Alongside milk and dairy products, other affected items, including rice, cement, and various food and cosmetic products, were also mentioned in the notice. The move signifies a shift in the CBN’s foreign exchange policy, opening up opportunities for businesses involved in the importation of dairy products and related industries.

Source: Vanguard

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