The Central Bank of Nigeria, CBN, on Thursday restored the
43 items previously prohibited from access to foreign exchange (FX).
Isa AbdulMumin, Director of Corporate Communications at CBN,
disclosed in a statement on Thursday.
The apex reiterated its commitment to ending the foreign
exchange crisis.
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.
Recall that since June 14 when CBN floated the Naira at the
forex market, the country’s currency has continued to depreciate against the
dollar.
While the Naira exchanged at N776.8/$1 at the official forex
window on Wednesday, the parallel market stood at N1040/$1.
Here’s the full list of the 43 items.
- Rice
- Cement
- Margarine
- Palm
kernel/palm oil products/vegetable oils
- Meat
and processed meat products
- Vegetables
and processed vegetable products
- Poultry
chicken, eggs, turkey
- Private
airplanes/jets
- Indian
incense
- Tinned
fish in sauce (geisha)/sardines
- Cold
rolled steel sheets
- Galvanised
steel sheets
- Roofing
sheets
- Wheelbarrows
- Head
pans
- Metal
boxes and containers
- Enamelware
- Steel
drums
- Steel
pipes
- Wire
rods (deformed and not deformed)
- Iron
rods and reinforcing bars
- Wire
mesh
- Steel
nails
- Security
and razor wire
- Wood
particle boards and panels
- Wood
fiber boards and panels
- Plywood
boards and panels
- Wooden
doors
- Furniture
- Toothpicks
- Glass
and glassware
- Kitchen
utensils
- Tableware
- Tiles
– vitrified and ceramic
- Textiles
- Woven
fabrics
- Clothes
- Plastic
and rubber products, cellophane wrappers
- Soap
and cosmetics
- Tomatoes/tomato
pastes
- Euro
bond/foreign currency bond/share purchases
- Maize/corn
- Fertiliser
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