It's Shameful To Import Toothpick, Others -CBN

The Central Bank of Nigeria (CBN) yesterday frowned at importers of toothpicks, rice,margarine, palm kernel, palm oil products, meat and processed meat products, vegetables, private airplanes and jets, Indian incense, tinned fish, galvanised steel sheet, roofing sheet and furniture. The bank claims the importers will no longer have access to Foreign Exchange from CBN, banks and bureaux de change for such importation.



He said the country was spending huge amount to import things that could be produced locally, adding that the apex bank would not continue to support the importation of such items through the use of the hard earned foreign exchange.

He said: “Importers who may want to continue importing these goods would have to sort their foreign exchange from their own private sources. The CBN will continue to be vigilant around this policy, keep reviewing the list of items as it becomes comfortable that these items can be produced locally if we apply ourselves sufficiently.

Hopefully the bank will look into ways of funding local firms that produce these items.