CBN Lifts Ban On 43 Items After Eight Years (Full List)
CBN Lifts Ban On 43 Items After Eight Years (Full List)

According to the central bank, this action will boost liquidity in the Nigerian Foreign Exchange Market

    The Central Bank of Nigeria has finally lifted the foreign exchange restrictions it placed on importers of 43 items eight years ago.

    In a statement signed by CBN’s Director of Corporate Communications, Dr. Isa AbdulMumin on Thursday, the bank said this is a significant change to the foreign exchange market policy.

    According to the central bank, this action will boost liquidity in the Nigerian Foreign Exchange Market and intervene from time to time, stating that interventions will decrease as liquidity improves.

    It added that it is working towards an FX backlog with existing participants and will continue dialogue with stakeholders to address the issue.

    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.

    “The Central Bank of Nigeria (CBN) will continue to promote orderliness and professional conduct by all participants in the Nigerian Foreign Exchange Market to ensure market forces determine exchange rates on a Willing Buyer – Willing Seller principle.

    “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.

    “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,” it stated.

    Below is the list of the times:

    Rice
    Cement
    Margarine
    Palm kernel
    Palm oil products
    Vegetable oils
    Meat and processed meat products
    Vegetables and processed vegetable products
    Poultry and processed poultry products
    Tinned fish in sauce (Geisha)/sardine
    Cold rolled steel sheets
    Galvanized steel sheets
    Roofing sheets
    Wheelbarrows
    Head pans
    Metal boxes and containers
    Enamelware
    Steel drums
    Steel pipes
    Wire rods (deformed and not deformed)
    Iron rods
    Reinforcing bars
    Wire mesh
    Steel nails
    Security and razor fencing and poles
    Wood particle boards and panels
    Wood fiberboards and panels
    Plywood boards and panels
    Wooden doors
    Toothpicks
    Glass and glassware
    Kitchen utensils
    Tableware
    Tiles-vitrified and ceramic
    Gas cylinders
    Woven fabrics
    Clothes
    Plastic and rubber products
    Polypropylene granules
    Cellophane wrappers and bags
    Soap and cosmetics
    Tomatoes/tomato pastes
    Eurobond/foreign currency bond/ share purchases

DROP YOUR COMMENT

Related Posts In »
Latest Loads
    See More On »

SONG OF THE WEEK

VIDEO OF THE WEEK

MOVE OF THE WEEK

STORY OF THE WEEK

STAR OF THE WEEK

(0) (Reply) (Go Up)

(Go Up | Go Full)