By Peregba Jerry
The Central Bank of Nigeria, CBN, has finally lifted the ban on the importers of 43 items restricted from accessing foreign exchange on its official platform.
The CBN, in a statement by its Director, Corporate Communications, Isa AbdulMumin, said importers who were previously restricted from purchasing foreign exchange for 43 specific items, as outlined in the 2015 Circular referenced as TED/FEFPC/GEN/O1/010, were now allowed to participate in the Nigerian foreign exchange market.
He added that the CBN was not only working to address the existing backlog of foreign exchange transactions but was discussing with various stakeholders to find solutions and facilitate the clearance of forex backlog.
A long-term goal of the CBN, he explained, is to establish a unified foreign exchange market, by simplifying and streamlining the FX market.
The statement reads: “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.
“Importers of all the 43 items previously restricted by the 2015 Circular referenced TED/FEFPC/GEN/O1/010 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.”
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