CBN restores 43 items restricted from FX, 8years after

The Central Bank of Nigeria (CBN) on Thursday restored the 43 items prohibited from access to foreign exchange (FX), eight years after.

This was disclosed in a statement signed by Isa AbdulMumin, the CBN’s director of corporate communications.

The CBN on July 1, 2015 restricted the availability of foreign exchange to the importation of 41 items which could be competitively produced within the economy.

“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,” said.

The Apex bank said it is committed to accelerating efforts to clear the FX backlog with existing participants and will continue dialogue with stakeholders to address the issue.

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According to the statement, the CBN has set the attainment of a single FX market as one of its goals. “Consultation is ongoing with market participants to achieve this goal,” the Central Bank said.

Nigeria’s Central Bank said it will continue to promote orderliness and professional conduct by all Nigerian foreign exchange market participants to ensure market forces determine exchange rates on a Willing Buyer – Willing Seller principle.

The CBN reiterates that the prevailing FX rates should be referenced from platforms such as the 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, the CBN said.