The Central Bank of Nigeria (CBN) has announced that the foreign exchange restrictions placed on 43 items in 2015 under Godwin Emefiele’s leadership have been lifted.
CBN’s spokesperson, Isa Abdulmumin, made this known on Thursday in Marrakech, where he restated the apex bank’s commitment to boosting liquidity in the FX market.
“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.
He said the apex bank would continue to promote orderliness and professional conduct by all participants in the market.According to him, the idea is to ensure that 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 CBN website, FMDQ, and other recognised or appointed trading systems.
“This is to promote price discovery, transparency, and credibility in the FX rates,” he said.
The director said that as part of its responsibility to ensure price stability, the apex bank would boost liquidity in the Nigerian FX 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, ” he said.
The bank had placed foreign exchange restrictions on margarine, meat and processed meat products, rice, cement, palm kernel, vegetable oil, iron rods and reinforcing bars, roofing sheets, head pan, and wheelbarrows, among others.
