Business

CBN Lifts Forex Ban On Rice, Cement, 40 Others

Published

3 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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Agriculture

PULA, Leadway Assurance Disburse ₦396 Million to Climate-Affected Farmers, Strengthen Food Security Efforts

Published

3 weeks ago

April 24, 2026

The Gleamer

In a major intervention to shield smallholder farmers from climate shocks, agri-insurtech firm PULA has spearheaded the disbursement of ₦396,697,672 in insurance claims to over 40,000 farmers impacted during the 2025 wet season.

The payout, executed in partnership with Leadway Assurance and supported by the Presidential Food Systems Coordinating Unit (PFSCU), covered farmers across Taraba, Borno, Kaduna, and Plateau States who suffered climate-related losses.

The initiative was made possible in part by Bayer Foundation, whose $450,000 premium subsidy support in 2025 wet season helped lower the cost of insurance for thousands of vulnerable smallholders in 8 states, with 4 states receiving payouts. The Foundation is set to scale up its contribution to match the growing aspirations of state governments.

Speaking at the cheque presentation ceremony in Abuja during the 2025 Wet Season Insurance Claims Payout under the National Agribusiness Planning Mechanism (NAPM), PULA’s Nigeria Country Director, Dr. Michael Enahoro, said the initiative goes beyond compensation, insisting that it’s about securing Nigeria’s food systems.

“Our focus is not just on payouts but on increasing food production. We must continue to support farmers who work tirelessly under harsh conditions to feed the nation,” Dr. Enahoro said. He called for stronger policies that directly impact farmers and reaffirmed PULA’s commitment to expanding agricultural insurance as a tool for resilience.

PULA’s data-driven approach to climate risk was key to identifying affected farmers and triggering payments. The company worked with Leadway Assurance to underwrite the risk, while PFSCU aligned the program with the national food security agenda. State governments also supported grassroots enrollment.

Gboyega Lesi, MD/CEO of Leadway Assurance, described the payout as “a reinforcement of a safety net that protects the hard work of thousands of farmers,” adding that “through climate insurance, we ensure that a bad season does not translate into total loss of livelihood.” He commended PULA’s technology and field structure for making rapid, transparent payouts possible.

Ayoola Fatona, Global Head of Agric Solutions at Leadway Assurance, noted that the 2025 wet season brought significant climate variability and yield fluctuations. “The true value of insurance lies in claims payment, especially in challenging periods. Our data-driven partnership with PULA helped mitigate losses,” he said.

Looking ahead, PULA and Leadway Assurance plan to scale coverage to 73,000 farmers in the 2026 farming season, deepening penetration of climate insurance across Nigeria’s food-producing belts.

Commissioners from the beneficiary states commended PULA and Leadway Assurance for de-risking agriculture, restoring farmers’ confidence, and building a more resilient agricultural sector

State-by-state breakdown of claims facilitated by PULA: