The Central Bank of Nigeria has lifted the prohibition on importers of 43 commodities barred from using its official platform to exchange foreign currency.
This was revealed in a statement issued by the Director of Corporate Communications, Isa AbdulMumin, captioned 'CBN restates commitment to improve liquidity in FX market' on Thursday.
"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 statement went on to say.
The central bank stated that it will continue to promote orderliness and professional conduct among all Nigerian foreign exchange market participants in order to ensure that market forces determined exchange rates based on the willing buyer - willing seller concept.
It added that, “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.”
The statement said the CBN was committed to accelerating efforts to clear the FX backlog with existing participants and would continue dialogue with stakeholders to address the issue.
It stated, “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.”