CBN Announces Addition Of Sugar And Wheat To FX Restriction List

The Central Bank of Nigeria(CBN) has announced plans to place sugar and wheat on its FX restriction list.

This was disclosed by the CBN via its verified Twitter handle on Friday.

Sugar and Wheat to go into our FX restriction list. We must work together to produce these items in Nigeria rather than import them . #Emefiele

— Central Bank of Nigeria (@cenbank) April 16, 2021

In 2015, the CBN listed 41 items that had been placed on its FX restriction list  to conserve the nation’s foreign reserve and boost local production of the items on the restriction list.

Some of the items which made the 2015 list are margarine, poultry and eggs, rice, and cement.

The CBN added maize to its FX restriction list in 2020.