In a recent announcement titled, ‘CBN restates commitment to boost liquidity in forex market’, signed by Isa AbdulMumin, the Director of Corporate Communications, the Central Bank of Nigeria (CBN) has lifted the ban on importers of 43 items that were previously restricted from accessing foreign exchange on its official platform.
“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 said.
The apex bank reaffirmed its dedication to promoting orderliness and professional conduct among all participants in the Nigerian foreign exchange market, with the goal of allowing market forces to determine exchange rates based on the willing buyer – willing seller principle.
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 further underlined the CBN’s commitment to expediting efforts to clear the foreign exchange backlog with current participants and continuing a 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.”
| Punch Newspaper
