The Central Bank of Nigeria has finally lifted the foreign exchange restrictions it placed on importers of 43 items eight years ago.
In a statement signed by CBN’s Director of Corporate Communications, Dr. Isa AbdulMumin on Thursday, the bank said this is a significant change to the foreign exchange market policy.
According to the central bank, this action will boost liquidity in the Nigerian Foreign Exchange Market and intervene from time to time, stating that interventions will decrease as liquidity improves.
It added that it is working towards an FX backlog with existing participants and will continue dialogue with stakeholders to address the issue.
According to the statement,
“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 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.
“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,” it stated.
Below is the list of the times:
Palm oil products
Meat and processed meat products
Vegetables and processed vegetable products
Poultry and processed poultry products
Tinned fish in sauce (Geisha)/sardine
Cold rolled steel sheets
Galvanized steel sheets
Metal boxes and containers
Wire rods (deformed and not deformed)
Security and razor fencing and poles
Wood particle boards and panels
Wood fiberboards and panels
Plywood boards and panels
Glass and glassware
Tiles-vitrified and ceramic
Plastic and rubber products
Cellophane wrappers and bags
Soap and cosmetics
Eurobond/foreign currency bond/ share purchases