CBN Relaxes FX Restrictions For Import Of Banned 43 Items, Restates Commitment To Boosting FX Market Liquidity

The Central Bank of Nigeria
(CBN)  has relaxed foreign exchange restrictions imposed against the importation of banned 43 items into the country.

The apex bank further assured that it would 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.

A statement by the CBN Spokesman,
Dr. Isa AbdulMumin, said 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.

According to him, “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. Consultations ongoing with market participants to achieve this goal.”

He advised participants and the general public to be guided by the above.