Nigeria: Nigeria Officially Lifts Foreign Exchange Dairy Import Restrictions

On March 14, the Central Bank of Nigeria (CBN) officially noted the lifting of restrictions on sourcing foreign exchange to import dairy products. Previously, only six designated companies could source foreign exchange from the government to import dairy products. According to the latest CBN circular, all importers are now eligible to source foreign exchange to import dairy products. This circular clarifies the previous announcement in October 2023 which lifted foreign exchange restrictions to import 43 items, including several food and agricultural products. Although domestic dairy product prices remain high and consumption continues, imports may not increase due to soft consumer purchasing power and continued difficulty sourcing foreign exchange.