The CBN has announced that it has removed the FX restrictions on 43 items that were banned from accessing foreign exchange in 2015.
The items include: 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. Textiles, 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, Piston crowns, Ball bearings, High voltage cables, Transformers/switch gears and Gas cylinders.
According to a statement issued on Thursday, October 12 by the CBN’s director of corporate communications, Dr Isa AbdulMumin, the policy change is aimed at improving the FX market efficiency and liquidity.
He said that importers of the 43 items can now buy foreign exchange in the Nigerian Foreign Exchange Market for their transactions. He also said that the CBN is working with various stakeholders to clear the existing FX backlog and to create a unified FX market in Nigeria.
He added that the CBN will continue to intervene in the FX market from time to time to ensure price stability and to support market forces in determining exchange rates based on a Willing Buyer – Willing Seller principle.
He urged participants and the public to refer to credible sources such as the CBN website, FMDQ, and other recognised or appointed trading systems for the prevailing FX rates. He said that the CBN is committed to promoting transparency and credibility in the FX market.
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