FX: CBN lifts restriction on 43 items

Kauthar KhaleelOctober 12, 20232 min

The Apex bank said it is in consultation with market participants to achieve the goal of a single FX market.

The Central Bank of Nigeria has lifted the ban on importers of 43 items restricted from accessing foreign exchange on its official platform.

This is even as it restated its commitment to boost liquidity in the Nigerian Foreign Exchange Market and intervene from time to time, stating that interventions will decrease as liquidity improves.

The Apex Bank disclosed this in a statement signed by the Director of Communications, Isa AbdulMumunin, on Thursday.

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.”

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The CBN also said it would continue to promote orderliness and professional conduct by all Nigerian foreign exchange market participants to ensure market forces determined exchange rates on a willing buyer – willing seller principle.

It equally reiterated that the prevailing foreign exchange 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.

The statement reads further, “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 said it was committed to accelerating efforts to clear the FX backlog with existing participants and would 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,” the statement read.




Kauthar Khaleel

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