CBN lifts Ban on 43 Import items

According to the 2015 Circular TED/FEM/FPC/GEN/01/010 and its subsequent addenda, the Central Bank of Nigeria (CBN) has lifted import restrictions on all 43 items that were previously subject to them.

These goods can now be purchased with foreign currency on the Nigerian Foreign Exchange Market thanks to permission from the apex bank.

In order to ensure that market forces determine exchange rates in accordance with the Willing Buyer-Willing Seller principle, the CBN also stated that it will continue to encourage order and professional conduct by all participants in the Nigerian Foreign Exchange (Forex) Market.

The CBN reaffirmed that in order to encourage price discovery, transparency, and credibility in the FX rates, the current Foreign Exchange (FX) rates should be referred to from sources like the CBN website, FMDQ, and other recognized or appointed trading systems.

Importers of all 43 items previously prohibited by the 2015 Circular referenced TED/FEM/FPC/GEN/01/010 and its addenda are now permitted to buy foreign currency on the Nigerian Foreign Exchange Market, according to Dr. Isa AbdulMumin, the CBN’s director of corporate communications, who made the announcement on Thursday.

“The CBN will occasionally intervene to increase liquidity in the Nigerian Foreign Exchange Market as part of its duty to ensure price stability.”

He added that the Central Bank of Nigeria will gradually scale back its interventions as market liquidity increases.

He reaffirmed that the CBN is committed to stepping up efforts to reduce the FX backlog with current participants and will keep in touch with interested parties to find a solution.

He asserts that the CBN has ongoing discussions with market participants in order to realize one of its goals, which is the creation of a single FX market.

He urged everyone present, as well as the general public, to follow the most recent information.