By Ken Afor
The foreign exchange restrictions on the importation of 43 goods imposed by the former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has been lifted.
The restriction was removed on Thursday in a statement released by Isa AbdulMumin, Director of Corporate Communications Department, CBN.
The 43 items are now permitted to be purchased with foreign currency in the Nigerian Foreign Exchange Market, according to the apex bank.
Recall that in 2015, the 43 items were banned by Emefiele, via a circular cited in TED/FEM/FPC/GEN/01/010.
The Central Bank of Nigeria (CBN) restricted importers of 41 items from obtaining foreign exchange at exchange markets in order to promote domestic manufacturing and maintain the value of the naira. Later, the list was expanded to include 43 items.
In order to ensure that market forces determine exchange rates according to the willing-buyer, willing-seller principle, the CBN said in the statement that it will continue to encourage order and professional conduct by all participants in the Nigerian Foreign Exchange Market.
It said, “The CBN reiterates 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.
“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.
“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.
“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.”
