The Central Bank of Nigeria (CBN) has announced the lifting of forex restrictions on the importation of milk and dairy products in the country, in a move aimed at pushing down prices.

According to a CBN circular dated March 12, referenced TED/FEM/PUB/FPC/001/010 and addressed to all banks, the forex restrictions have been lifted. This update was further confirmed by Zenith Bank in a recent notice to customers.

“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,” the statement from Zenith Bank reads.

With this development, importers can now access foreign exchange at official market rates for milk and dairy products.

Previously, on February 11, 2020, the CBN had included milk and dairy products in the list of items not eligible for forex. However, this latest decision reverses that restriction.

Additionally, on October 12, 2023, the CBN had announced the lifting of the ban on 43 items previously restricted from accessing forex.

The announcement has already had an impact on the forex market, with the Naira appreciating to N1,560.57 per USD on Tuesday from N1,572.82 on Monday at the official forex market. This has led to a reduction in the import duty exchange rate to N1,572.507 per USD on Tuesday from N1,593.41.

The move by the CBN is expected to ease the pressure on prices of milk and dairy products in Nigeria, providing relief to consumers and businesses alike.