CBN lifts Forex embargo on importers of 43 items
By Patience Ikpeme
The Central Bank of Nigeria (CBN) has lifted the foreign exchange restrictions on importers of 43 items that have been in place for the past eight years.
The CBN through its spokesman Dr. Isa AbdulMumin announced a significant change in its foreign exchange market policy, allowing importers of these previously restricted items to participate in the Nigerian Foreign Exchange Market and purchase foreign currency for their transactions.
The items that were previously restricted include rice, cement, palm oil products, poultry, steel sheets, wood panels, textiles, and plastic products, among others.
Dr. AbdulMumin said the CBN is also working to address the backlog of foreign exchange transactions and aims to establish a unified foreign exchange market in Nigeria.
Additionally, the CBN he said will continue to ensure price stability by periodically injecting funds into the foreign exchange market, with the frequency and scale of these interventions decreasing over time as market conditions improve.
The CBN emphasizes the need for market forces to determine exchange rates and encourages referencing the prevailing rates from platforms like the CBN website and FMDQ for transparency and credibility.
Importers and the general public are advised to follow these guidelines, and the CBN remains committed to clearing the FX backlog and achieving a single FX market through ongoing dialogue with stakeholders.
