[August 2019] - Nigerian Forex Traders President Muhammadu Buhari is coming under fire after calling for the central bank to stop providing the foreign currency needed to pay the country’s vast food import bill. Mr Buhari this week “directed” the central bank to cease providing dollars and other currencies to importers as part of his efforts to spur domestic agricultural production and attain “full food security” for Africa’s most populous nation. But he drew withering criticism from economists and analysts who said the move threatened to send food prices skyrocketing and brought the central bank’s independence into question.bit.ly Since 2015 the central bank has enforced a controversial policy that denies foreign currency for dozens of imported products from cement to toothpicks to rice, but Mr Buhari’s call would represent a vast expansion of the prohibition.
The central bank has not said whether it will follow the directive and did not respond to a request for comment. Analysts said that instead of inspiring a renaissance of [August 2019] - Nigerian Forex Traders agriculture, the foreign currency import ban would create food shortages, drive further smuggling, and send prices higher. Amaka Anku, Africa director for the Eurasia Group, said that whether the policy was implemented or not it sent a troubling message for an economy suffering from high unemployment, low foreign direct investment and sluggish growth. “Most actors, especially the central bank, should know that a total ban of food imports is not practical and I doubt that will be the policy,” she said. The central bank is led by Godwin Emefiele, who became the first central bank governor to be reappointed to a second term after Mr Buhari won re-election earlier this year.
His reappointment was widely seen as a signal of the president’s approval of his handling of foreign exchange policy. Nigeria’s foreign reserves have risen under Mr Emefiele, and he has pursued unorthodox policies aligned with Mr Buhari’s protectionist instincts. Soon after his reappointment, Mr Emefiele added milk to the list of items banned from [August 2019] - Nigerian Forex Traders. But Mr Emefiele has been dogged by questions about the bank’s independence. Cobus de Hart, chief economist at NKC African Economics, said the president’s call for a currency ban raised more “serious concerns”. Mr de Hart said it also cast doubt on Nigeria’s commitment to a landmark continent-wide trade agreement, which it signed last month after more than a year of delay. “The main difference is that in 1984 the central bank was more or less a department of the ministry of finance, and today the central bank is nominally independent, at least constitutionally,” the executive said. Mr Buhari has long touted the success of the forex import ban on rice in particular, claiming that Nigeria no longer imports rice. But critics point out that markets across the country are flooded with Thai rice smuggled in from neighbouring Benin.
Despite calls from businesses and economists, the government had refused to take steps to devalue the naira further until now, while President Muhammadu Buhari, a staunch opponent of devaluation, has been on medical leave in Britain for over a month. On Monday, Nigeria weakened the naira rate for private individuals days after a top advisory body demanded an urgent review at a meeting chaired by Vice President Yemi Osinbajo, who is currently acting president. It was Osinbajo who unveiled the idea of a more flexible exchange rate last year, also while Buhari was on medical leave, leading to a 30 percent devaluation weeks later. 500 million to banks, “but not all of them provided enough naira backing to pay fully for their respective bid amounts”.
President Muhammadu Buhari yesterday said he has directed the Central Bank of Nigeria (CBN) to stop providing Foreign Exchange for the importation of food into the country. Buhari made the disclosure as dignitaries continued to throng his Daura residence where he is spending the Eid el-Kabir holidays. The president said with the steady improvement in agricultural production, and attainment of full food security, there was no need for importation.bet9ja.com He said the foreign reserves will be conserved and utilized strictly for diversification of the economy, and not for encouraging more dependence on foreign food import bills. “We have achieved food security, and for physical security we are not doing badly.
Don’t give a cent to anybody to import food into the country. “Some states like Kebbi, Ogun, Lagos, Jigawa, Ebonyi and Kano have already taken advantage of the Federal Government’s policy on agriculture with huge returns in rice farming. More states should plug into the ongoing revolution to feed the nation,” he said. Buhari expressed delight that young Nigerians, including graduates, had started exploring agri-business and entrepreneurship. “Many have posted testimonies of good returns on their investments,” he said. Buhari said he will attend the Presidential Policy Retreat organized for the ministers by the OSFG, and insisted on compliance with laid down targets on key sectors of the economy that will directly impact on the livelihood of Nigerians.
Among those hosted by the president to Eid el-Kabir lunch at his country home in Daura, Katsina State were the Deputy Senate President Ovie Omo-Agege, and 10 governors who are of the All Progressives Congress (APC). The governors include Atiku Bagudu (Kebbi), Aminu Bello Masari (Katsina), Godwin Obaseki (Edo), Inuwa Yahaya (Gombe), Mohammad Badaru (Jigawa), Nasir El-Rufai (Kaduna), Babajide Sanwo-Olu (Lagos), Abdullahi Sule (Nasarawa), Kayode Fayemi (Ekiti) and Gboyega Oyetola (Osun). The Secretary to the Government of the Federation (SGF), Boss Mustapha was also in attendance. Chairman of the [August 2019] - Nigerian Forex Traders Governors’ Forum (NGF), Kayode Fayemi, said the President’s sense of justice, fairness and forthrightness had turned a major inspiration to governors on the way forward for the country.
He said the challenges faced by states “were enormous’’, but the governors had remained undaunted, assuring the President of strong support and “the very best effort’’ to overcome all the obstacles. Also, in an interview, chairman of the Progressive Governors Forum, Governor Atiku Bagudu of Kebbi state, said the economic policy of President Buhari was working. “The country is more secure than in 2015, and the country is more prosperous than in 2015 because you are working for the majority of the people,” he said. “We are proud of the achievements that Nigeria recorded under him (Buhari) particularly commended him for the visionary policies that he has put in place to create a nation that works for the majority. “Today, people who have not been included are being included whether in the area of school feeding, cash transfer, agricultural programs, targeted at low income earners.
To the extend Nigeria is achieving food security. “We have food supply like we have never had before. Prices of major cereal has reduce by not less than 40 percent in the last one year, an indicator that the economic policy is working and working well for the growth of the country. We commended him well for that. We urge him to continue doing those courageous things which have led us to where we are,” he added. The SGF said President Buhari’s residence in Daura is a true reflection of his personality. Mustapha said they were at the residence to pay Sallah homage to the president.
Describing the visit as “a refreshing moment”, he said the modest residence revealed the true personality of the president. “Every time you come to the serene environment and look at the modest life our president is living, it reminds you of the fact that there is much more to it than the quest for material things. “This is a house he has been living for probably four to five decades, it has not changed, the furniture hasn’t been changed because he is offering selfless service to the nation,” he said. He said the lesson from the president’s modest life should sink into the minds of all.
“We must try to offer service to the masses without thinking of ourselves and our comfort alone. There is more to public service than the benefit that come with it,” he said. In an interview, Omo-Agege told newsmen that the Senate will provide an enabling environment for the implementation of the next level agenda of the president. “We are here representing the Senate President and the senate to extend felicitation to Mr President for Sallah. “You know, it has not been very easy for us as a country in term of the challenges we face. Notwithstanding, Mr. President has managed to steer the country very successfully. In an interview, the NNPC boss said they were in Daura to pay homage to the president and reassure him of their commitment to deliver. “It is our tradition to pay homage to our leaders and family in time of eid. We consider ourselves as members of this family. “To also assure him that the very huge task that he has placed on our hands, we will deliver it to the end. We are right on course and Insha Allah, within the shortest frame of time, we will deliver on all our promises,” he said.
Nov 4 (Reuters) [August 2019] - Nigerian Forex Traders The oil market's two-year bull run is running into one of its biggest tests in months, facing a tidal wave of supply and growing worries about economic weakness sapping demand worldwide. 85 a barrel just a month ago, both U.S. Brent benchmark futures have grappled with near-relentless selling. For a time, prices had some support on hopes that renewed U.S. Iran would force barrels off the market. That changed in the last week. Those factors, along with a spate of recent weak economic reports out of China and other emerging markets, have shifted the conversation back toward worries about oversupply, and pushed U.S.
April, interrupting an upward move that had consistently found support during the rally's modest pullbacks. The structure of the U.S. Jim Ritterbusch, president of Ritterbusch & Associates. There has been an exodus among speculators as well. In the last two weeks, net bullish bets on oil have declined to the lowest level in over a year. Selling notably accelerated on Thursday after U.S. 65 a barrel, a level that had stood firm in previous selloffs during the summer and fall. The oil market ran higher in anticipation of this week's formal re-imposition of sanctions against Iran by the United States, and on concerns that supply from producers like Saudi Arabia would not be able to make up the difference.
However, the U.S. government said on Friday it will temporarily allow several countries including South Korea and Turkey to keep importing Iranian oil when U.S. Monday, sparing them for now from the threat of U.S. Still, some analysts believe the current selloff has come too far, too quickly. Major OPEC producers won't be able to add more supply should it become necessary, particularly with production in Iran, Venezuela and Libya still at risk. Bernstein analysts said this week. Output from the Organization of the Petroleum Exporting Countries, led by Saudi Arabia, rose to levels not seen in two years. U.S. production hit a record 11.3 million barrels a day in August, and Russia's output rose to 11.4 million bpd, a post-Soviet era peak. If oil dips below this point, “the path of least resistance would be to the downside,” he said. 69.60 a barrel, and if it were to slip below that, we could see a much larger correction, he said.
45 billion, CBN Governor Godwin Emefiele, has said. Emefiele, who spoke on the theme: “From recession to growth: The story of Nigeria’s recovery from the 2016 Economic Recession”, said Nigeria’s current stock of external reserves can finance nine months of current import commitments. He explained that the Investors and Exporters FX (I&E) window introduced in April 2017 allowed investors and exporters to purchase and sell foreign exchange at the prevailing market rate. “The commencement of this policy guideline introduced the Naira settled foreign exchange futures Mmarket,” Emefiele said. “In this regard, the Federal Government budgets were readjusted to adequately address priority infrastructure needs that would support improved investments by the private sector. This was complemented by various Presidential initiatives on improving the ease of doing business in Nigeria, dismantling regulatory bottlenecks, enhancing competitiveness and industrialisation,” he said. The apex bank also increased its lending to the agricultural and manufacturing sectors, through targeted intervention schemes such as the Anchor Borrowers Programme, Commercial Agricultural Credit Scheme and the Real Sector Support Facility. “In particular the CBN sought to improve domestic supply of four commodities (rice, Tinyurl fish, sugar, and wheat), which consume about N1.3 trillion annually in our nation’s import bill.
Also, the CBN introduced the Real Sector Support fund; a facility meant to provide cheap funding at no more than nine per cent to new projects in the agriculture and manufacturing sectors; aimed at boosting output and creating jobs. In the agriculture sector, ABP has ensured that Nigeria emerged from being a net importer of rice to becoming a major producer of rice. In fact, presently, over 900,000 farmers cultivating about 835,239 hectares, across 16 different commodities, had so far benefited from the ABP, which has generated over 2,7 million jobs across the country. 500 million was being spent annually on importation of palm oil, which necessitated the central bank to include the produce among items not eligible for forex. “So far, the CBN has through its MSME fund disbursed over N100 billion to the MSME sector, but we still feel a lot can be done.
“The CBN recognises that the greatest challenge confronting MSME’s and local farmers is access to credit, and that to unlock the growth potentials in our country; these groups must access funding seamlessly. “We will continue to explore ways, in partnering with the fiscal authorities, on how we can best provide farmers and SMES with the support they need to expand their operations,” he explained. Clearly, the country’s overdependence on crude oil for forex revenue means that shocks in the oil market are transmitted entirely to the economy via the [August 2019] - Nigerian Forex Traders markets. This is what has continued to influence the drive to support infant industries and domestic production as well as the ban of 43 items from accessing forex from the interbank market. In the last five years, the CBN has initiated far-reaching reforms in the foreign exchange market in a bid to stabilise exchange rate.
For instance, in 2014, the central bank stopped the bi-weekly sale of foreign exchange through the Retail Dutch Auction System (RDAS) and Wholesale Dutch Auction System (WDAS). The central bank took the decision following findings of round tripping and other sharp practices that had provided room for speculative attacks on the Naira and arbitrage. Following the scrapping of the auctions, the central bank asked authorised dealers and members of the public to henceforth channel all demands for foreign exchange to the interbank market. Prior to the announcement then, importers of fuel products and certain categories of manufacturers were allowed to buy their foreign exchange through the CBN window. 50,000 per person annually. 300 per person. The central bank had also urged all authorised dealers to ensure strict monitoring and compliance. 1 before the central bank started releasing its arsenals to confront them.
The surge in the inflows recorded on the I&E was attributed to offshore investors interest in Nigeria’s fixed income securities. The central bank had explained that the purpose of the window was to boost liquidity in the [August 2019] - Nigerian Forex Traders market and ensure timely execution and settlement for eligible transactions. It had listed eligible transactions under the new window to include invisible Emefiele transactions such as loan repayments, loan interest payments, dividends/income remittances, capital repatriation, management service and consultancy fees. Also, on the eligible list were software subscription fees, technology transfer agreements, personal home remittances and any such other eligible transactions including ‘miscellaneous payments’ as detailed under Memorandum 15 of the CBN Foreign Exchange Manual.
While explaining that the invisible transactions under this window excludes international airlines ticket sales’ remittances, the CBN added that the window covers Bills of Collection and any other trade-related payment obligations, which are at the instance of the customer. It is worthy of note that supply of forex to the window is through portfolio investors, exporters, authorised dealers and other parties with forex exchange to Naira. The CBN is a market participant at the window to promote liquidity and professional market conduct. An analyst at Ecobank, Mr. Kunle Ezun, said the central bank’s initiative helped to calm the strong volatility in the market.
According to Ezun, the central bank did not take the decision in isolation of the market. Clearly, high inflation distorts consumer behaviour. It can also destabilise markets by creating unnecessary shortages. Similarly, high inflation which is not the desire of any economy redistributes the income of people and brings about weak purchasing power. That is why the CBN is never comfortable with this ‘evil’ and had had adopted restrictive monetary policy as part of efforts to win the battle against double-digit inflation, just as it has intensified its intervention in the agricultural sector. According to him, many entrepreneurs are now taking advantage of policies aimed at ramping local production to venture into the domestic production of the restricted items with remarkable successes and great positive impact on employment.
“The dramatic decline in our import bill and the increase in domestic production of these items attest to the efficacy of this policy. “Most evident were the 97.3 percent cumulative reduction in monthly rice import bills, 99.6 percent in fish, 81.3 percent in milk, 63.7 per cent in sugar, and 60.5 percent in wheat. “We are glad with the accomplishments recorded so far. Accordingly, this policy is expected to continue with vigour until the underlying imbalances within the [August 2019] - Nigerian Forex Traders economy have been fully resolved. Also, a recent report disclosed that Nigeria has overtaken Egypt as the largest rice producer in Africa.
The Director-General, Africa Rice Center, Benin Republic, Dr Harold Roy-Macauley, who disclosed this, said Nigeria is now the largest rice producer at four million tonnes a year. Egypt was producing 4.3 tonnes annually but the country’s production had reduced by almost 40 per cent this year. Africa produces an average of 14.6 million tonnes of rough rice annually, he explained. The feat disclosed by Roy-Macauley was the outcome of robust collaboration between the CBN and the Federal Ministry of Agriculture, that focused on areas in the agriculture sector where the country has comparative advantage. Also, after keeping the benchmark Monetary Policy Rate (MPR) unchanged for 33 months, the Monetary Policy Committee this week caught analysts and investors off-guard as it announced a reduction in the MPR from 14 per cent to 13.5 per cent.
The CBN hinged its decision on the need to boost economic growth. The committee, however, retained the Cash Reserve Ratio (CRR) at 22.5 per cent and Liquidity Ratio at 30 per cent. Emefiele pointed out that the rate cut does not necessarily indicate an end to the monetary tightening cycle. He said banks would be expected to adjust to the loosening in MPR so that its positive impact could be felt by customers. He also said the reduction in MPR had a “reasonable” correlation to lending to the real sectors of the economy. “Accelerating growth effectively means that we have to push harder to consolidate GDP, we need to push harder to make sure we create jobs. Doing this will naturally mean that we are softening gradually.
But I repeat and I shouldn’t be misunderstood, that we will continue to do what we are doing, what we have done in the past keeping inflation at moderated levels, and exchange rate stable. We will continue to do so. Cognisant of the fact that close to 40 per cent of adult Nigerians do not have access to financial services, the Bank has implemented series of initiatives that would drive our efforts aimed at building a more financially inclusive society. Some of these measures include the promotion of alternative banking channels, agent banking and the Shared Agent Network Facility (SANEF), all of which are intended to deepen penetration of agent networks in underserved locations across the country.
“With these schemes in place, we believe that over the next two years, over 80 per cent of Nigerians will have access to financial services,” the CBN Governor said. In line with this, the CBN this week disclosed plan to extend the cashless policy nationwide almost two years after the policy was halted. Emefiele said all necessary structures have been put in place to improve banking services in the country. According to him, his predecessor, the Emir of Kano, Alhaji Muhammadu Sanusi II, had introduced the policy, but the CBN under his leadership was not certain about the rate of financial inclusion and penetration in the country.
To the Head of Research and Strategy at FSDH Merchant Bank Limited, Mr. Ayodele Akinwunmi, Emefiele has effectively steered monetary policy on the right path. “Look at the I&E structure for foreign exchange, in April 2017, when that policy was introduced, it changed the dynamics in the equities market and the stock market appreciated by 42 per cent in that year. “Also, in 2015, when the current president was sworn in, remember that for almost six months, we didn’t have a cabinet. The economy then was managed solely by monetary policy and they ensured that the economy was stable. And it was because of the initiatives of the CBN Governor and his team, that made us not to feel the impact. “It was like somebody driving with one leg or a human being walking with one leg.
So, the CBN Governor helped in navigating the crisis and in stabilising the economy. In addition, look at the restriction of access to [August 2019] - Nigerian Forex Traders that was placed on 42 items. “Some people may not appreciate that, but the reality of the matter is that if a country can only support its currency, not by foreign portfolio investments, but by the quantum of foreign earnings that you can generate. Continuing, Akinwunmi said: “So, the [August 2019] - Nigerian Forex Traders restriction on the official and interbank market that was place on those items, made the companies abroad to come to Nigeria to start operations here. “Rice production has increased substantially and I remember that the CBN Governor said then that a central bank in a developing country like Nigeria, must play development roles in various sectors.
So, the CBN under his leadership has established a whole lot of funds to support some strategic sectors in the economy that have the capability to generate employment. “As you are aware, one of the problems we have in Nigeria is high level of unemployment rate. If almost everything we consume in Nigeria are imported, what it then means is that you are exporting jobs and put pressure on the [August 2019] - Nigerian Forex Traders. But through the initiatives of the central bank under Emefiele, he has been able to introduce a lot of policies to ensure that some of those companies now see the need to come and establish in Nigeria.
“Few weeks ago, we saw that he (Emefiele) was at the Dangote Refinery and he pledged the central bank’s support to ensure the completion of the project. So, for me, he has done well. He has been able stabilise the exchange rate, Alecia Eichelberger even though we saw some depreciation few years back, which was not caused by him. “If we have not diversified the productive base of the economy to generate income and diverse forex, oil price volatility would remain a challenge. Inflation came down consistently in 2018. In the banking industry, look at the way they are resolving the problems some banks had.
“We saw how Polaris Bank took over Skye Bank and no job was lost. He has ensured that no depositor lost his or her deposits and provided stability to ensure that the institution remains sound until they find a buyer. And the kind of engagement the central bank has with the banking industry which it regulates is something that is commendable. “They involve the banks in major decisions and when they want to implement a policy, they get the views of the banks about some of the policies. On his part, Ezun, urged the president not to delay his announcement on who is to be the next CBN Governor.
“For me, I expect that before the end of this month, the president should have told us if he is going to retain Emefiele and if he is not to be retain, the incoming CBN Governor should be announced early. “All these are some of the things that build confidence in the market. Investors need to start assessing the person and his monetary policy stance,” Ezun added. To the Chief Executive Officer, Cowry Asset Management Limited, Mr. Johnson Chukwu believes Emefiele has won a good fight so far. He added: “At some point, there was a fiscal vacuum and then he was basically the one who was trying to restore the economy. If you recall, on a number of time, the MPC urged the federal government to improve the fiscal space.
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United States (U.S.)-China agreement to restart trade talks improved the demand outlook. 60.11 a barrel on the New York Mercantile Exchange in London. The contract added 9.3 per cent last month. 66.58 a barrel on the ICE Futures Europe Exchange. The August contract expired Friday. Consistent rise in oil prices, analysts say, is good for the implementation Nigeria’s N8.91 trillion budget 2019. The country, a member of OPEC, relies on crude oil sale for foreign exchange (forex) to implement development projects. 60 per barrel and an exchange rate of N305 to the dollar. The Senate had increased the 2019 budget by N80 billion, up from the N8.83 trillion presented by President Muhammadu Buhari to lawmakers last year.
Parliament said the 2019 budget was aimed at consolidating growth. It approved a budget deficit of N1.9 trillion, representing 1.37 per cent of GDP. Nigeria’s economy grew by 1.93 per cent last year, its fastest pace since a recession two years earlier, data showed, while inflation 11.40 per cent in May. Other OPEC members have indicated their support for the agreement between Russian President Vladimir Putin and Saudi Crown Prince Mohammed Bin Salman to prolong the curbs by six to nine months as meetings on production policy start in Vienna. President Donald Trump and his Chinese counterpart Xi Jinping declared a truce to their trade war and the U.S. Oil rose by the most since January last month after escalating tensions in the Middle East spurred concerns over supply.
Iran, Saudi Arabia’s political adversary, became the latest OPEC member to back extending the group’s output curbs for as long as nine months as ministers seek to counter a weak demand outlook and surging American production. “A broad consensus around extension is forming without much opposition as the producer group recognises it has two major issues to contend with,” said Harry Tchilinguirian, head of commodity-markets strategy at BNP Paribas SA. “The first being economic uncertainties tied to trade wars — despite this weekend’s positive Trump-Xi meeting — that can weaken global oil demand growth, and the second more obvious one, which is strong U.S.
Nigeria, Venezuela, Iraq and Oman also expressed their conditional support for an extension of as long as nine months, which isn’t the OPEC policy playbook as the oil-club has traditionally aimed for half-year deals. G-20 meeting in Japan. “The longer the horizon, the stronger the certainty to the market,” OPEC Secretary-General Mohammad Barkindo said on Sunday in Vienna after meeting with Saudi Energy Minister Khalid Al-Falih. The resumption of U.S.-China trade talks was a reprieve from a demand outlook that’s been hurt by the entrenched dispute.bit.ly Still, the International Monetary Fund (IMF) Managing Director Christine Lagarde warned that the global economy is in a “rough patch” with unresolved issues on trade posing the most serious risk for the future. “What came out of the Trump-Xi meeting was probably the minimum,” said Vandana Hari, founder of Vanda Insights in Singapore. “It appears a little more positive than it actually is.
Live or dead birds including frozen poultry. 2. Pork, beef, bird’s eggs, excluding hatching eggs. 3. Refined vegetable oils and fats (includes mayonnaise). Crude vegetable oil is NOT banned from importation. 4. Cane or beet sugar and chemically pure sucrose, in solid form in retail packs. 5. Cocoa butter, powder and cakes. 7. Fruit Juice in retail packs. 8. Waters, including mineral waters and aerated waters containing added sugar or sweetening matter or flavored, ice snow, other non-alcoholic beverages and beer and stout (bottled, canned or otherwise packed, but excluding energy or health drinks (liquid dietary supplements). 5. Haematinic formulations; ferrous sulphate and ferrous gluconate tablets, folic acid tablets, vitamin B Complex Tablets (except modified released formulations). 8. Magnesium trisilicate tablets and suspensions.
Soaps and Detergents in retail packs only. Sanitary Wares of Plastics and Domestic Articles and Wares of Plastics (but excluding Baby Feeding bottles) and flushing cistern and waterless toilets. Rethreaded and used Pneumatic tires but excluding used trucks tires for rethreading of sized 11.00 x 20 and above. Corrugated Paper and Paper Boards, and cartons, boxes and cases made from corrugated paper and paper boards, toilet paper, cleaning or facial tissue, excluding baby diapers and incontinent pads for adult use. Telephone Re-charge cards and vouchers. Carpets and other textile floor coverings. All types of Foot Wears, Bags and Suitcases but excluding Safety Shoes used in oil industries, sports shoes, canvass shoes all Completely Knocked Down (CKD) blanks and parts.
Hollow Glass Bottles of a capacity exceeding 150mls (0.15 liters) of all kinds used for packaging of beverages by breweries and other beverage and drink companies. Used compressors and used fridges/freezers. Used Motor Vehicles above fifteen (15) years from the year of manufacture. Furniture, but excluding baby walkers, laboratory cabinets such as microscope table, fume cupboards, laboratory benches, Stadium Chairs, height adjustments device, base sledge, seat frames and control mechanism, arm guide and head guides. Also excluded are; skeletal parts of furniture such as blanks, upholstered or unfinished part of metal, plastics, veneer, chair shell etc. Also excluded are Motor Vehicle seats and Seats other than garden seats or camping equipment, convertible into beds. Ball Point Pens and parts including refills (excluding tip).
2. Airmail Photographic Printing Paper. 3. All counterfeit/pirated materials or articles including Base or Counterfeit Coin of any Country. 4. Beads composed of inflammable celluloid or other similar substances. 6. Coupons for Foreign Football pools or other betting arrangements. 8. Exhausted tea or tea mixed with other substances. 9. Implements appertaining to the reloading of cartridges. 10. Indecent or obscene prints, painting, books, cards, engraving or any indecent or obscene articles. 12. Matches made with white phosphorous. 14. Meat, Vegetables or other provisions declared by a health officer to be unfit for human consumption. 15. Piece goods and all other textiles including wearing apparel, hardware of all kinds' crockery and china or earthenware goods bearing inscriptions (whether in Roman or Arabic characters) from the Koran or from the traditions and commentaries on the Koran. 16. Pistols disguised in any form. 18. Silver or metal alloy coins not being legal tender in Nigeria. 21. Weapons and ammunition of any description which in the opinion of the Comptroller-General are designed for the discharge of any noxious liquid, gas or other similar substance. Besides the import restrictions by NCS, the Central Bank of Nigeria (CBN) in 2015 restricted access to foreign exchange at the official window for importers of several items. Instead, importers of the under-listed items source foreign exchange from the parallel market where the price of forex is significantly higher than the official rate. 20,000 and below per quarter.