The Central Bank of Nigeria (CBN) has announced that it has lifted the ban on 43 items previously restricted from access to foreign exchange (FX).
The Director of Corporate Communications at CBN, Isa AbdulMumin, made this disclosure in a statement on Thursday.
The apex bank has reaffirmed its commitment to resolving the foreign exchange crisis and addressing the issue of the FX backlog by engaging with existing participants and stakeholders.
In the statement, the CBN declared, “Importers of all 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 also emphasized its dedication to promoting orderliness and professionalism among all participants in the Nigerian Foreign Exchange Market, ensuring that exchange rates are determined by market forces through a willing buyer and willing seller principle.
To promote transparency and credibility in FX rates, the CBN advised referencing prevailing rates from platforms such as the CBN website, FMDQ, and other recognized or appointed trading systems.
As part of its responsibility to ensure price stability, the CBN will intervene in the Nigerian Foreign Exchange Market from time to time to boost liquidity. However, as market liquidity improves, these interventions will gradually decrease.
The CBN is committed to expediting efforts to clear the FX backlog with existing participants and will continue to engage with stakeholders to address this issue. The bank is also actively working towards achieving a single FX market and consulting with market participants to achieve this goal.
It is important for participants and the general public to be guided by the information provided by the CBN.
Since the CBN floated the Naira at the forex market on June 14, the currency has experienced continuous depreciation against the dollar. While the official forex window recorded an exchange rate of N776.8/$1 on Wednesday, the parallel market stood at N1040/$1.
