Business

CBN Lifts Forex Ban On Rice, Cement, 40 Others

Published

2 years ago

October 13, 2023

By Yahaya Umar, Abuja

The Central Bank of Nigeria, CBN, has lifted the ban placed on all 43 items previously restricted from purchasing Foreign Exchange to boost liquidity in the FX market.

The CBN made this known in a statement issued by its Director, Corporate Communications, Dr Isa AbdulMumin, yesterday.

Recall that during ex-President Buhari’s first term in office, his government sort for the ban of certain items by stopping the CBN from allowing importers access to Forex rather than informing them to find it elsewhere and Buhari climaxed it by closing the border against importers of rice in his second term, even during the outbreak of COVID-19.
However, the CBN director of corporate communication further noted that importers of all the 43 items previously restricted in 2015 are now allowed to purchase foreign exchange in the Nigerian FX market.

He said the apex bank would continue to promote orderliness and professional conduct by all participants in the market.

The CBN official stated that the move was to ensure that market forces determined exchange rates on a “Willing Buyer-Willing Seller” principle.

AbdulMumin noted: “The CBN reiterates that the prevailing FX rates should be referenced from platforms such as the CBN website, FMDQ, and other recognized or appointed trading systems.

“This is to promote price discovery, transparency, and credibility in the FX rates”.

He stated that as part of the CBN’s responsibility to ensure price stability, the apex bank would boost liquidity in the Nigerian FX market by interventions from time to time. “As market liquidity improves, these CBN interventions will gradually decrease.

“The CBN is committed to accelerating efforts to clear the FX backlog with existing participants and will continue dialogue with stakeholders to address the issue.

“The CBN has set as one of its goals the attainment of a single FX market. Consultation is ongoing with market participants to achieve this goal”.

AljazirahNigeria recalls that the CBN had in October 2021 stopped completely access to Forex for 43 items; including rice, cement, margarine, palm kernel, palm oil products and vegetable oils, meat and processed meat products and vegetables and processed vegetable products. Also poultry and processed poultry products, tinned fish in sauce (Geisha)/sardines, cold rolled steel sheets, galvanized steel sheets, roofing sheets, wheelbarrows, head pans, metal boxes and containers, enamelware, steel drums, steel pipes, wire rods (deformed and not deformed), iron rods and reinforcing bars.

The list seems endless but it has more items such as wire mesh, steel nails, security and razor fencing and poles, wood particle boards and panels, Wood fibreboards and panels, plywood boards and panels, wooden doors, toothpicks, glass and glassware, kitchen utensils, tableware, tiles-vitrified and ceramic.

Textiles, woven fabrics, clothes, plastic and rubber products, polypropylene granules, cellophane wrappers and bags, Soap and cosmetics, tomatoes/tomato pastes, Eurobond/foreign currency bond/ share purchases, piston crowns, ball bearings, high voltage cables, transformers/switch gears and gas cylinders.

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Business

Court Orders Arrest Of Wike-led FCTA Director, 10 Others

Published

2 weeks ago

May 28, 2025

The Gleamer

By Aliyu Galadima

An Abuja High Court has issued a bench warrant against the director of investigation and prosecution of the FCTA, Joseph Eriki, and 10 others.Justice Suleiman Belgore has issued an order to compel the director and others to appear before the court for a suit filed against them.

The Judge’s decision followed the application of the prosecuting counsel, David Kaswe, who lamented the failure of the efforts to ensure that the suspects appear in court.

Justice Suleiman Belgore of the High Court in Abuja has issued a warrant of arrest against Joseph Eriki, the director of investigation and prosecution of the Nyesom Wike-led Federal Capital Territory Administration ,FCTA, and 10 others.

The judge had issued the order to compel the appearance of Joseph Eriki and 10 others before the court, as they had been arraigned in a suit filed against them by the federal government.

The warrant was issued following an application by the prosecution counsel, David Kaswe, who stated that all efforts to ensure the suspects’ presence in court had failed. Kaswe informed the court that the prosecution had made several attempts to notify the suspects’ lawyers and sureties, but to no avail.

He cited Section 124 of the Administration of Criminal Justice Act ,ACJA, which allows for the issuance of a bench warrant to compel attendance in court.

The court agreed to the application, issuing the warrant to ensure the suspects’ appearance for arraignment on a six-count charge. The charges against the suspects include criminal conspiracy, criminal trespass, forgery, and using a forged document as genuine.

They are also accused of using criminal force to deter a public servant from performing their duty. The suspects allegedly entered a plot of land belonging to Etha Ventures and constructed structures without authorisation, to defraud the company.

According to the prosecution, the suspects fraudulently obtained a consent judgment for the land, which was given to Super Structures Limited. The case has been adjourned until June 4 for arraignment.

The court’s decision to issue a bench warrant highlights the seriousness of the allegations and the need for the suspects to face trial. The suspects are facing a six-count charge, which was filed in February.

The court’s ruling emphasises the importance of a speedy trial and the need for the suspects to be held accountable for their actions.

With the bench warrant in place, the court is taking steps to ensure that the suspects appear in court and face the charges against them

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