The Central Bank of Nigeria (CBN) has lifted the restrictions on the importation of milk and dairy products, All Nigeria Latest News reports.
Recall that the CBN had added milk and dairy products to the list of items not eligible for forex on February 11, 2020.
However, in a notice to customers, Zenith Bank said the regulator had provided an update on eligible items for foreign exchange in a notice to commercial banks on March 12.
“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 foregoing, please note that the restriction on foreign exchange for the importation of dairy products and its derivatives to all entities except selected companies has been lifted.”
Zenith Bank said any entity that meets the “necessary extant regulation requirements is allowed to source for FX at the Nigeria Foreign Exchange Market (NAFEM) for the transactions”.