News

October 12, 2023

CBN removes forex ban on 43 items

I won't be hijacked by politicians - CBN gov, Cardoso

CBN Governor, Cardoso

*Promises to boost liquidity in FX market

By Babajide Komolafe, Economy Editor in Morocco

The Central Bank of Nigeria (CBN) has lifted the foreign exchange restriction on importation of 43 items assuring of its commitment to boost liquidity in the foreign exchange market.

Disclosing this in a statement, Director Corporate Communications, Department, CBN, Dr.Isa Andulmumin, 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.”

He said: “The Central Bank of Nigeria (CBN) will continue to promote orderliness and professional conduct by all participants in the Nigerian Foreign Exchange Market to ensure market forces determine exchange rates on a Willing Buyer – Willing Seller principle.

“The CBN reiterates 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.

“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. As market liquidity improves, these CBN interventions will gradually decrease.

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.

“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.

“Participants and the general public are to be guided by the above.”

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