New Telegraph

Importation: CBN Lifts FX Restriction on 43 Items

How Apex Bank’ll Help Tinubu Achieve $1TRN GDP, by Cardoso

In a major policy review, the Central Bank of Nigeria (CBN) yesterday lifted the foreign exchange restriction imposed on the importation of 43 items. With the policy reversal, importers of the items are now allowed to purchase foreign exchange at the official market. This is as the apex bank renewed its commitment to deal with challenges trailing forex trading.

To this end, the CBN assured Nigerians and other stakeholders of its commitment to accelerate efforts to clear the forex backlog with existing participants. It also pledged to sustain dialogue with stakeholders to address the issue. The latest position was confirmed in a statement issued on Thursday by Director of Corporate Communications department, Dr. Isa AbdulMumin.

Recall that the apex bank in 2015 slammed forex restriction on the importation of 43 items. Some of the items affected include rice, cement, palm kernel/palm oil products/ vegetables oils; meat and processed meat products; vegetables and processed vegetable products as well as Poultry – chicken, eggs, turkey, private airplanes/ jets amongst others.

The bank affirmed its commitment to price stability and promised to boost liquidity in the Nigerian foreign exchange market through interventions from time to time. It gave assurance that as market liquidity improves, the interventions would gradually decrease.

It urged players in the forex market to defer to approved platforms such as the CBN website, FMDQ, and other recognised or appointed trading systems to promote price discovery and transparency. The apex bank pledged to continue to promote orderliness and professional conduct by all participants in the forex market to ensure market forces determine exchange rates on a willing buyer willing seller principle.

Part of the CBN statement read: “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 adden- dums 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.

Read Previous

Panic as Onitsha Market Leaders Back Police In Uncovering Illegal Arms Dealers

Read Next

NDIC Boss Urges ICAN to Integrate DIS Courses