Importers of the 43 items hitherto banned by the Central Bank of Nigeria (CBN) from accessing foreign exchange at the Nigerian foreign exchange market can rejoice as the apex bank has lifted the ban.
This was contained in a statement from the CBN’s Spokesman, Dr Isa Abudulmumin. The 43 items were banned via a circular dated June 23, 2015. Some of them are; rice, cement, margarine, palm kernel/palm oil products/vegetable oils, meat and processed meat products, vegetables and processed vegetable products and poultry – chicken, eggs, turkey.
Others are; Indian incense, tinned fish in sauce (Gelsha)/Sardines, cold rolled Steel Sheets, wheelbarrows, plywoods, furniture and more. Abdulmumin said the apex bank 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.
“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/FEM/FPC/GEN/01/010 and its addendums are now allowed to purchase foreign
exchange in the Nigerian Foreign Exchange Market”, he explained.
The CBN Spokesman also said that the apex bank was committed to accelerating efforts to clear the FX backlog with existing participants and will continue dialogue with stakeholders to address the issue.
He said the CBN has set as one of its goals the attainment of a single FX market.
He added that consultation was ongoing with market participants to achieve this goal.
Source: https://sunnewsonline.com/cbn-lifts-ban-on-43-items-on-fx-prohibition-list/