We are working on reversing some of 41 items not valid for forex — Osinbajo [See Full List]

Vice-President Yemi Osinbajo says the federal government is nudging the Central Bank of  Nigeria (CBN) to replace some of the 41 items not eligible for foreign exchange.

Earlier in the life of the administration, the CBN listed 41 items as not valid for foreign exchange (forex) through the official forex window.

This action has weathered strong criticism for nearly two years now, with the CBN holding its stance on those items — but that may be changing soon.

Speaking at The Platform, a programme organised by Covenant Christian Centre, on Monday, Osinbajo said the government is seeking to review the list to exclude items that need to be important for local manufacturing.

“In stabilising the macroeconomic environment, we’ve focused on aligning our fiscal and monetary policy, and nudging the central bank in the general direction of allowing a more market-determined exchange rate,” Osinbajo said.

“We are also working on replacing some of the 41 items not valid for foreign exchange with a more trade policy driven alternative. Taking into account those items that are required and locally unavailable, which we must continue to import.”

Here are the 41 items not eligible for forex:

1. Rice
2. Cement
3. Margarine
4. Palm kernel
5. Palm oil products/vegetables oils
6. Meat and processed meat products
7. Vegetables and processed vegetable products
8. Poultry chicken, eggs, turkey
9. Private airplanes/jets
10. Indian incense
11. Tinned fish in sauce(Geisha)/sardines
12. Cold rolled steel sheets
13. Galvanized steel sheets
14. Roofing sheets
15. Wheelbarrows
16. Head pans
17. Metal boxes and containers
18. Enamelware
19. Steel drums
20. Steel pipes
21. Wire rods(deformed and not deformed)
22. Iron rods and reinforcing bard
23. Wire mesh
24. Steel nails
25. Security  and razor wine
26. Wood particle boards and panels
27. Wood Fibre Boards and Panels
28. Plywood boards and panels
29. Wooden doors
30. Toothpicks
31. Glass and Glassware
32. Kitchen utensils
33. Tableware
34. Tiles-vitrified and ceramic
35. Textiles
36. Woven fabrics
37. Clothes
38. Plastic and rubber products, polypropylene granules , cellophane wrappers
39. Soap and cosmetics
40. Tomatoes/tomato pastes
41. Eurobond/foreign currency bond/ share purchases