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The Central Bank of Nigeria (CBN) has taken a significant step by removing restrictions on the importation of all 43 items that were previously banned under the 2015 Circular TED/FEM/FPC/GEN/01/010 and its subsequent addendums.
The CBN has now authorized these items to access foreign exchange for purchase in the Nigerian Foreign Exchange Market.
This decision reflects the CBN’s commitment to promoting orderliness and professional conduct in the Nigerian Foreign Exchange (Forex) Market.
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The bank aims to let market forces determine exchange rates based on a Willing Buyer – Willing Seller principle. It has emphasized that the prevailing FX rates should be referenced from platforms like the CBN website, FMDQ, and other recognized trading systems to ensure transparency, credibility, and price discovery in the FX rates.
The CBN will also play an active role in boosting liquidity in the Nigerian Forex Market through periodic interventions. As market liquidity improves, the frequency of CBN interventions will gradually decrease. The bank is actively working to clear the FX backlog and aims to achieve a single FX market through ongoing consultations with market participants.
The CBN’s move marks a significant step towards fostering a more open and market-driven foreign exchange system in Nigeria and aligns with broader efforts to promote transparency and ease of doing business in the country.
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