Nigeria has always implemented strict foreign exchange control policies, and foreign exchange purchasing policies may fluctuate depending on whether its foreign exchange reserves are sufficient. Sometimes, Nigerian customers may even delay payment due to the inability to buy US dollars now, or the agency operation fees may be particularly expensive.

As for whether it is an excuse or true, it is unknown.

In 2015, the Nigerian Central Bank released a list of imported goods that could not be exchanged for foreign exchange at the Nigerian foreign exchange window, covering a range of 43 types from rice, soap, steel pipes, stocks to private airplanes.

Once it is discovered that a company has illegally imported it into the country, the Central Bank of Nigeria will have the right to close the accounts of these companies to restrict their foreign exchange transactions.

Nigeria is using this tactic to encourage local production, maintain stability in Naira, and ensure that foreign exchange is used on the cutting edge.

detailed list for these 43 product is as below:

https://punchng.com/full-list-cbn-lifts-ban-on-43-items-after-eight-years/

This year, they finally relaxed the import restrictions on these 43 types of goods.

Original link:

https://www.reuters.com/world/africa/nigeria-central-bank-boost-liquidity-forex-market-lifts-ban-43-items-2023-10-12/

Limited by epidemic situation, Russia-Ukraine conflict, insufficient investment and other factors, Nigeria, the largest economy in Africa, is facing multiple challenges such as weak growth, record debt and sluggish oil industry, a pillar industry.

In June of this year, Nigeria's new President Tenubu dismissed the position of Central Bank Governor Emafile, who had been in office for 9 years, and subsequently the central bank's exchange rate pricing range began to loosen.

In October, the Central Bank of Nigeria (CBN) lifted foreign exchange restrictions on imports of 43 commodities.

Meanwhile, Nigeria's Naira has embarked on a path of depreciation.

In mid October, due to the shortage of the US dollar, the official pricing of the Nigerian naira dropped to a record low of 999 naira per US dollar, reaching a historic low of 1300 naira per US dollar in the private market.

The latest statistics show that Nigeria's official foreign exchange reserves are at a low level in nearly three years.

In the current situation, despite policy changes, Nigerian importers still indicate that they face challenges in purchasing foreign exchange imports due to currency depreciation and high inflation, resulting in weak consumer demand.

We still need to pay attention to payment safety when exporting to Nigeria!