The Central Bank of Nigeria (CBN) has removed restrictions on the importation of all 43 items that were previously subject to restrictions as per the 2015 Circular referenced TED/FEM/FPC/GEN/01/010 and its subsequent addendums.
The apex bank has now authorised these items to access foreign exchange for purchase within the Nigerian Foreign Exchange Market.
Also, the CBN said that it will continue to promote orderliness and professional conduct by all participants in the Nigerian Foreign Exchange (Forex) Market to ensure market forces determine exchange rates on a Willing Buyer – Willing Seller principle.
The CBN reiterated that the prevailing Foreign Exchange (FX) rates should be referenced from platforms such as the CBN website, FMDQ, and other recognised or appointed trading systems to promote price discovery, transparency, and credibility in the FX rates.
Dr Isa AbdulMumin, the Director of Corporate Communications of the CBN who disclosed this on Thursday in a press statement said, “Importers of all the 43 items previously restricted by the 2015 Circular referenced TED/FEM/FPC/GEN/01/010 and its addendums are now allowed to purchase foreign
exchange in the Nigerian Foreign Exchange Market.
“As part of its responsibility to ensure price stability, the CBN will boost liquidity in the Nigerian Foreign Exchange Market by interventions from time to time”.
He further stated that as market liquidity improves, the interventions by the Central Bank of Nigeria will gradually decrease.
He affirmed that 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.
According to him, the CBN has set as one of its goals the attainment of a single FX market, and consultation
is ongoing with market participants to achieve this goal.
He urged all participants and the general public to be guided by the latest information.