The Central Bank of Nigeria has lifted forex restrictions on the importation of milk and dairy products in the country, a move expected to push down prices.
This was contained in a CBN circular with the reference number TED/FEM/PUB/FPC/001/010 dated March 12 to all banks.
"Please be informed that the Central Bank of Nigeria (CBN), through its circular Ref No: TED/FEM/PUB/FPC/001/010, dated March 12, 2024, has provided an update on eligible items for foreign exchange (Non-Valid for FX),” the statement reads
“In light of the preceding, please note that the restriction on foreign exchange for importing dairy products and its derivatives to all entities except selected companies has been lifted.
This means importers can now access foreign exchange at official market rates.
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