The Central Bank of Nigeria (CBN) has now opened foreign exchange market for importers of all the 43 items previously restricted by the 2015 Circular, referenced TED/FEM/FPC/GEN/01/010.
A statement today, October 12, by the apex bank’s Director of Communications, Dr. Isa AbdulMumin, said that even those who were added to the restricted items “are now allowed to purchase foreign exchange in the Nigerian Foreign Exchange Market.”
Dr. AbdulMumin stressed that the Central Bank would continue to promote orderliness and professionalism, adding that it would regulate the conduct of all participants in the Nigerian Foreign Exchange Market “to ensure market forces determine exchange rates on a Willing Buyer-Willing Seller principle.”
It made it clear 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 apex bank’s spokesman said that the bank 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.”