The Central Bank of Nigeria (CBN) has announced that Importers of all the 43 items previously restricted in 2015 are now free to purchase foreign exchange in the Nigerian foreign exchange market.
It said it is part of initiatives to boost liquidity in the FX market.
The apex bank’s Director, Corporate Communications, Dr Isa AbdulMumin, disclosed this in Marrakesh, Morocco, on the sidelines of the 2023 IMF/World Bank annual meetings.
He said the bank would continue to promote orderliness and professional conduct by all participants in the market.
“The idea is to ensure that market forces determined exchange rates on a ‘Willing Buyer-Willing Seller’ principle.
“The CBN reiterates that the prevailing FX rates should be referenced from platforms such as the CBN website, FMDQ, and other recognised or appointed trading systems.
“This is to promote price discovery, transparency and credibility in the FX rates,” AbdulMumin said.
The director said that as part of its responsibility to ensure price stability, the apex bank would boost liquidity in the Nigerian FX market through 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, ” the bank’s spokesman said.
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