BREAKING: CBN Lifts Forex Restrictions On 43 Items Banned By Godwin Emefiele [FULL LIST]—-The Genius Media Nigeria reports that the Central Bank of Nigeria (CBN) has lifted the ban on 43 items imposed under the Godwin Emefiele era.
This Nigeria news platform understands that the current lifting was disclosed in a circular by the apex bank released on October 12, 2023.
According to the central bank, it will also boost liquidity in the Nigerian Foreign Exchange Market and intervene from time to time, stating that interventions will decrease as liquidity improves.
43 Items:
Note: While the list is 43, each item on the list includes several other sub-items as captured by the Nigerian Customs using their import codes list.
What the CBN is saying
Under the new guidelines, the CBN said it will be championing the ‘Willing Buyer – Willing Seller’ principle, emphasizing its commitment to a market-driven exchange rate system.
What this means
On lifting the ban: The decision of the central bank decision to lift the ban on 43 items signifies a major step in resolving Nigeria’s forex crisis as most critics had called on the CBN under Emefiele to lift it..
On CBN’s intervention: The central bank’s decision to intervene in the forex market suggests it is now ready to provide a steady supply of forex in the official market, a situation that could strengthen the exchange rate at the black market.
On referencing quotes foreign exchange rates only from official platforms such as the CBN website, FMDQ,
See excerpts of the press release below
The Central Bank of Nigeria (CBN) will continue to promote orderliness and professional conduct by all participants in the Nigerian Foreign Exchange Market to ensure market forces determine exchange rates on a Willing Buyer – Willing Seller principle.
The CB reiterates that the prevailing Foreign Exchange (FX) rates should be referenced from platforms such as the CB 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 CB will boost liquidity in the Nigerian Foreign Exchange Market by interventions from time to time. As market liquidity improves, these CB interventions will gradually decrease.
Importers of all the 43 items previously restricted by the 2015 Circular referencedTED/FEM/FPC/GEN/01/010 and its addendums are now allowed to purchase foreign exchange in the Nigerian Foreign Exchange Market. The CB is committed to accelerating efforts to clear the FX backlog with existing participants and will continue dialogue with stakeholders to address the issue.
The CB 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.
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