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Restriction on 41 trade goods helped combat dumping in Nigeria
Although there has been renewed calls for the removal of the exclusion of 41 items which includes vegetables and processed vegetable products from the list of eligible foreign exchange by the Central Bank of Nigeria (CBN).
Manufacturers have said the restriction of importers of the items from the official foreign exchange window has curbed the level of products dumping in the country.
In 2015, the CBN had listed 41 items that were no longer eligible for foreign exchange in an effort to encourage local production and conserve the depleting foreign reserves of the country and the depreciating value of the naira.
Two years down the line, manufacturers say the policy has helped in curbing the level at which finished goods are being dumped into the country and improving the lot of local manufacturers.
Publication date: 9/19/2017
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