Central Bank of Nigeria CBN lift Forex ban on 43 items imported goods
On 23rd of June, 2015, Central Bank of Nigeria published a circular that is the list of imported goods and items that will not be valid for Forex (Foreign Exchange) on the Nigeria Foreign Exchange platform. This has given some importers issues on how to get CBN approval to process Form M document in their Commercial Banks.
This means that before the importer can process the Form M document, Central Bank has to give an approval letter that the importer has the required funds to purchase the items under that list.
List of the 43 items that CBN lifts ban on with there HS code and Import duties Percentages
| SN | Items | HS Code | Import Duties Percentages |
|---|---|---|---|
| 1. | Rice | 1006101000
1006109000 1006200000 1006301000 1006309000 1006400000 |
5% No VAT
5% No VAT 10%, 20% LVY 10%, 50% LVY 10%, 50% LVY 10%, 50% LVY |
| 2. | Margarine | 1517100000 | 20% + VAT, 20% LVY |
| 3 | Palm Kernel/Palm Oil Products/Vegetable Oils | 1513210000
1513290000 1516201000 1516209000 1511100000 |
10% + VAT
20% + VAT 10% + VAT 10% + VAT 10% + VAT |
| 4. | Meat and Processed Meat Products | 0201100000
to 0207600000 0208100000 to 0210990000 |
35%, no VAT
20% no VAT |
| 5. | Vegetables and Processed Vegetable Products | 0601100000
to 0602900000 0603110000 to 0604900000 |
5% + VAT
20% + VAT |
| 6. | Poultry Chicken, eggs, turkeys | 0105990000 | 10% + VAT |
| 7. | Cement | 2523100000
2523210000 to 2523900000
|
10% + VAT
20% + VAT
|
| 8. | Private Airplanes/Jets | 8802212000
to 8802240000 |
5% No VAT |
| 9. | Indian Incense | 3307410000
to 3307900000 |
20% + VAT |
| 10. | Tinned fish in sauce (Geisha)/Sardines | 1604110000
to 1604320000 |
20% + VAT |
| 11. | Cold rolled steel sheets | 7209150000
to 7209160000 7209170000 to 7209180000 7209250000 to 7209260000 7209270000 to 7209280000 7209900000
|
5% +VAT
5% +VAT + 10% LVY
10% + VAT
10% +VAT + 10% LVY
10% +VAT |
| 12. | Galvanized Steel sheets | 7371110000
7307009000 to 7307990000 |
10% +VAT
20% + VAT
|
| 13. | Roofing sheets | 7210490000 | 20% + VAT |
| 14. | Wheelbarrows | 8716802100 | 20% + VAT |
| 15. | Head Pans | ||
| 16. | Metal boxes and containers | ||
| 17. | Enamelware | ||
| 18. | Steel drums | ||
| 19. | Steel Pipes | ||
| 20. | Wire rods ( deformed and not deformed) | ||
| 21. | Iron roads and reinforcing Bars | ||
| 22. | Wire Mesh | ||
| 23. | Steel Nails | ||
| 24. | Security and razor Wire | ||
| 25. | Wood particles boards and panels | ||
| 26. | Wood Fibre boards and panels | ||
| 27. | Plywood boards and panels | ||
| 28. | Wooden Doors | ||
| 29. | Furnitures | ||
| 30. | Toothpicks | ||
| 31. | Glass and Glassware | ||
| 32. | Kitchen Utensils | ||
| 33. | Tableware | ||
| 34. | Tiles - Vitrified and Ceramic | ||
| 35. | Textiles | ||
| 36. | Woven fabrics | ||
| 37. | Clothes | ||
| 38. | Plastics and Rubber products,
polypropylene granules, cellophane wrappers |
||
| 39. | Soap and cosmetics | ||
| 40. | Tomatoes/Tomatoes Pastes | ||
| 41. | Euro bond/foreign currency bond/share purchases | ||
| 42. | Maize/corn | ||
| 43. | Fertilizer | ||
The above can be imported into the Country without CBN approval letter for your Form M issuance. This new policy may contribute to more availabilityof the products and the costs of purchase may be cheaper when importers have them in abundance.
At Distinctcushy Global, we are fully ready to support you to ship and process all your customs clearance from any country to Nigeria. We can ship through airport or sea ports in Nigeria.
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