Understanding the CBN’s Current Position on Import Forex, International Shipping and Customs
If you have searched online for information about “commodities not valid for forex in Nigeria,” you may still find articles listing rice, cement, poultry, vegetable oil, steel products, textiles, furniture and other commodities as products that cannot access foreign exchange.
Much of that information is based on an earlier Central Bank of Nigeria (CBN) policy introduced in 2015.
That position has changed.
On 12 October 2023, the CBN announced the removal of the foreign-exchange restriction previously imposed on 43 categories of imported goods. The Bank subsequently confirmed that eligible importers could access foreign exchange for these previously restricted items through the Nigerian foreign exchange market, subject to applicable CBN and banking requirements.
This distinction is extremely important for Nigerian importers.
The goods were not banned from importation.
The old policy restricted their access to official-market foreign exchange.
That restriction has since been lifted.
Therefore, an importer should not reject a legitimate international procurement transaction simply because the product appears on an old “41 items not valid for forex” list.
But there is another equally important point:
Removal of the old forex restriction does not mean that every import transaction is automatically approved, every product is automatically admissible, or every importer can obtain foreign exchange without meeting current banking, customs and trade requirements.
This is where professional import planning becomes important.
What Was the Original CBN Forex Restriction?
On 23 June 2015, the CBN issued a policy that placed 41 product categories on a list of items that were not eligible for foreign exchange from the official market.
Two additional categories were subsequently added, bringing the total to 43 categories.
The policy was designed to reduce demand for foreign exchange for goods that the authorities considered capable of being produced domestically, while encouraging local production and conserving foreign reserves.
The affected categories included products such as:
- Rice
- Cement
- Margarine
- Palm kernel and palm oil products
- Vegetable oils
- Meat and processed meat
- Vegetables and processed vegetables
- Poultry products
- Private aircraft
- Indian incense
- Certain tinned fish
- Steel products
- Wheelbarrows
- Metal containers
- Steel pipes
- Iron rods
- Wire mesh
- Steel nails
- Wood products
- Wooden doors
- Glass and glassware
- Kitchen utensils
- Tableware
- Tiles
- Textiles
- Clothing
- Plastic and rubber products
- Soap and cosmetics
- Tomatoes and tomato paste
- Certain foreign-currency and investment transactions
The original policy was therefore much broader than a simple list of “banned goods.”
Were the 43 Products Banned From Importation?
No.
The CBN’s own FAQ published following the 2023 policy change explicitly explains that the 43 products were not outrightly banned from importation.
The restriction was on accessing foreign exchange through the official market to finance their importation.
That means:
“Not valid for forex” did not mean “prohibited from importation.”
This distinction should always be maintained when discussing Nigerian import regulations.
What Changed in 2023?
On 12 October 2023, the CBN lifted the foreign-exchange restrictions on the 43 previously restricted items.
The Bank explained that the restrictions had contributed to increased demand in the parallel market and distortions in the foreign-exchange market.
The CBN therefore moved toward a more market-driven foreign-exchange system.
The Bank’s current foreign-exchange history confirms that access to foreign exchange for the 43 previously restricted items was restored.
The CBN’s reforms also consolidated Nigeria’s previous multiple FX windows into a unified market framework based on a willing-buyer, willing-seller model, now referred to as the Nigerian Foreign Exchange Market (NFEM).
What Is the Current CBN Position?
As of 2026, the old policy of restricting access to official-market foreign exchange for the 43 categories has been removed.
The CBN’s current foreign-exchange reform information specifically states that the Bank:
removed FX access restrictions on the “43 items”
and streamlined documentation for trade flows.
This is an important development for importers.
However, access to foreign exchange is not the same thing as permission to import a product.
These are separate questions.
Forex Eligibility and Import Admissibility Are Different
An importer should consider two separate issues.
Question 1: Can I obtain foreign exchange for the transaction?
This concerns the current CBN foreign-exchange framework, your bank, documentation and applicable banking requirements.
Question 2: Can I legally import the product into Nigeria?
This concerns customs, tariff classification, import prohibition/restriction, regulatory approvals and other applicable trade requirements.
A product can therefore be:
Forex-accessible but subject to import restrictions.
Likewise:
Importable but subject to banking/FX requirements.
This is why importers should not use an old CBN forex list as a substitute for current customs and import compliance checks.
What Does This Mean for Importers Today?
Suppose you want to import rice, steel products, tiles, textiles, furniture, vegetable oil or another product that appeared on the old 43-item list.
You should not automatically conclude:
“CBN does not allow me to access forex for this product.”
That conclusion is based on the old policy.
Instead, your current assessment should consider:
1. Is the product legally importable?
Check the applicable Nigerian trade and customs requirements.
2. What is the correct HS code?
Classification can affect customs duty, VAT and regulatory requirements.
3. What documentation is required?
Your bank, customs authorities and other agencies may require specific documents.
4. What are the current banking requirements?
Your authorised dealer bank should guide you on the applicable FX transaction process.
5. What is the total landed cost?
Consider product cost, freight, insurance, duty, VAT, port charges, clearance and delivery.
This is a much more accurate way to approach international procurement in 2026.
The CBN’s Foreign Exchange Market Has Also Changed
Another reason old articles can be misleading is that Nigeria’s foreign-exchange architecture itself has undergone significant reform.
The CBN introduced a willing-buyer, willing-seller model in June 2023 and consolidated the previous segmented FX market framework. The resulting market is now referred to as the Nigerian Foreign Exchange Market (NFEM).
The CBN subsequently introduced the Electronic Foreign Exchange Matching System (EFEMS) to improve transparency, price discovery and oversight of interbank FX transactions.
In January 2025, the CBN also launched the Nigerian Foreign Exchange Code, establishing enforceable standards around ethics, governance, execution, information sharing, risk management, compliance, confirmation and settlement in the FX market.
This represents a fundamentally different FX environment from the one in which the original “41 commodities not valid for forex” article was written.
So, Can I Still Import These Commodities?
In general, the lifting of the old forex restriction means that an importer is no longer excluded from accessing the Nigerian FX market merely because the product falls within the former 43 categories.
But that does not mean:
- Every product is automatically importable
- Every shipment qualifies automatically for bank financing
- Every importer receives FX on demand
- Every product is exempt from customs requirements
- Every product is exempt from regulatory approvals
- Every product has the same customs duty
- Every transaction follows exactly the same banking process
The importer must still satisfy the current applicable banking, customs, trade and regulatory requirements.
What Should You Do Before Shipping?
This is where professional freight forwarding becomes valuable.
Before instructing your supplier to ship, establish:
Product
What exactly are you importing?
HS Code
How will Customs classify it?
Import Status
Is it prohibited, restricted, regulated or otherwise subject to conditions?
Forex/Banks
What current banking and FX requirements apply to your transaction?
Documentation
What documents must the supplier provide?
Customs Duty & VAT
What taxes and levies should you budget for?
Freight
Should you use air freight, ocean freight, FCL, LCL or consolidation?
Delivery
How will the cargo move from the Nigerian port or airport to your warehouse or project site?
This is the difference between booking freight and managing an import supply chain.
Why Importers Should Stop Using Old “41 Items” Lists
Searching Google for:
“41 items not valid for forex in Nigeria”
may still produce historical articles.
Some may even tell you that you must source your own foreign currency outside the official market.
That information is outdated in the context of the CBN’s 2023 policy change.
The CBN itself has confirmed the lifting of the restriction on the 43 items.
Therefore:
Do not make a 2026 import decision based on a 2015 forex policy.
Always check the current CBN position and your bank’s applicable requirements.
What About Customs Clearance?
Removal of the forex restriction does not remove Customs requirements.
Your shipment may still require:
- Correct HS classification
- Form M where applicable
- PAAR
- Commercial Invoice
- Packing List
- Bill of Lading/Air Waybill
- Appropriate certificates
- Regulatory approvals
- Customs declaration
- Duty and tax assessment
- Other applicable documentation
The exact requirements depend on the product, transaction and applicable Nigerian regulations.
This is why importers should treat foreign exchange, customs and logistics as connected but separate components of the transaction.
How a Freight Forwarder Can Help
An experienced freight forwarder like Valuehandlers International can help you coordinate the logistics side of the transaction from the supplier to Nigeria.
Depending on the shipment, this may include:
Pre-Shipment Advisory
Reviewing the proposed shipment and identifying obvious logistics or documentation considerations before dispatch.
Supplier Coordination
Communicating with overseas suppliers regarding cargo readiness, packing and shipment documentation.
International Freight
Arranging appropriate air or ocean transportation.
Documentation
Coordinating the documents required for the freight and customs process.
Customs Clearance
Working with the appropriate customs-clearing professionals to facilitate destination clearance.
Cargo Delivery
Coordinating transportation from the port or airport to the consignee.
The objective is to reduce uncertainty across the shipment lifecycle.
The Valuehandlers Perspective
The old question was:
“Is my commodity on the CBN list of 41 items not valid for forex?”
The better 2026 question is:
“What are the current CBN, banking, customs, regulatory and logistics requirements for my proposed import?”
That is a much more intelligent question.
International trade regulations evolve.
Foreign-exchange policies evolve.
Customs procedures evolve.
Technology changes.
Trade corridors change.
A professional importer therefore needs current information—not historical assumptions.
At Valuehandlers, we believe our role extends beyond providing a freight rate.
We help customers understand the logistics implications of their international procurement and coordinate the movement of cargo from global suppliers into Nigeria.
Before You Pay Your Overseas Supplier
Ask these questions:
Can I legally import this product?
What HS code applies?
What documentation is required?
What current banking/FX requirements apply?
What customs duty and VAT should I budget for?
What freight mode is most appropriate?
What will my total landed cost be?
How will the cargo be cleared and delivered in Nigeria?
If you cannot answer these questions, pause before shipping.
A few hours of professional pre-shipment planning can prevent weeks of avoidable logistics problems.
Need to Import From the North America, Asia, Europe & UK, Middle East or Other Global Markets?
Valuehandlers International Limited provides professional:
- International Freight Forwarding
- Air Freight
- Ocean Freight
- FCL & LCL
- Cargo Consolidation
- Customs Clearing
- Import Documentation Support
- Port & Airport Handling
- Warehousing
- Inland Transportation
- Last-Mile Delivery
We support businesses importing machinery, raw materials, spare parts, industrial equipment, commercial goods and other permitted cargo into Nigeria.
Ship With Current Information. Not Outdated Forex Lists.
If you are planning an import into Nigeria and need assistance assessing the freight, documentation, customs and delivery requirements, speak with Valuehandlers before your supplier dispatches the cargo.
Valuehandlers International Limited
International Freight Forwarding | Customs Clearing | Supply Chain Management
Call: +234 803 224 1768
WhatsApp: +234 808 237 5017
Email: customercare@valuehandlers.com
Request a Pre-Shipment Import Consultation +2349033510711
Important Regulatory Notice
The information in this article is provided for educational purposes and reflects the CBN’s publicly stated removal of the former FX restrictions on the 43 product categories.
Forex eligibility is not the same as import admissibility. Importers must separately comply with applicable customs, trade, banking, tax and regulatory requirements.
Foreign-exchange rules and banking procedures can change. For a live transaction, importers should confirm the current requirements with their authorised dealer bank and relevant Nigerian regulatory authorities before committing funds or shipping cargo.
The CBN’s current foreign-exchange information confirms that the restrictions on the 43 previously restricted items were removed and that the Nigerian FX market has undergone significant structural reforms since 2023.
