CBN Restates Commitment To Boost Liquidity in FOREX Market

1. 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.

2. The CBN reiterates that the prevailing Foreign Exchange (FX) rates should be referenced from platforms such as the CBN website, FMDCQ, and other recognised or appointed trading systems to promote price discovery, transparency, and credibility in the FX rates.

3. 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.

4. Importers of all the 43 items previously restricted by the 2015 Circular referenced TED/FEMFPC/GEN/O1/010 and its addendums are now allowed to purchase foreign exchange in the Nigerian Foreign Exchange Market.

5. The CBN is committed to accelerating efforts to clear the FX backlog with existing participants and will continue dialogue with stakeholders to address the issue.

6. 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.

Isa AbdulMumin, PhD
Director, Corporate Communications
October 12, 2023

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In June 2015, the Central Bank announced that some 41 items were “Not Valid for Foreign Exchange”, on the grounds that they could easily be produced in Nigeria rather than being imported into the country.

Some of the affected items include rice, cement, margarine, palm kernel, palm oil products, vegetable oils, meat and processed meat products, vegetables and processed vegetable products, poultry, tomatoes/tomato paste, soap and cosmetics, and clothes.

Other items include private airplanes/jets, Indian incense, tinned fish in sauce, cold rolled steel sheets, galvanised steel sheets, roofing sheets, wheelbarrows, head pans, metal boxes/containers, enamel ware, steel drums and pipes, wire mesh, steel nails, wood particle boards, and panels.

Equally affected were security and razor wire, wood particle and fiber boards and panels, wooden doors, furniture, toothpicks, glass/glassware, kitchen utensils, tableware, tiles (vitrified, ceramics), textiles, wooden fabrics, plastic/rubber products, polypropylene granules, and cellophane wrappers.

The apex bank subsequently added fertiliser and maize/corn to the list of banned items.

According to the apex bank at the time, the I&E market functions by a “willing buyer, willing seller” system, where an entity with demand for FX seeks out another entity with FX to sell at an agreed price through an authorised dealer.

Nothing will still happen

hi

Day don break for them 😂
🤡🤡🤡

Expect dollar to dip in the coming days

Too late....

Ok.
We'll sing their praises when we start seeing the positive effects.

Na Seeing is Believing, we dey now for this country.

Naira to Dollar is going up astronomically, if the trend continues like this, without good government economic policies, by October 2024, Dollar might likely be exchanging between 1500 to 2000 naira

Ok good.

Tinubu busy doing nothing

Good for them...

lol

We're watching.

Rubbish system of Government + Rubbish President + Rubbish Ministers + Rubbish CBN policy + Rubbish Lawmakers + Rubbish Governors + Rubbish Commissioners + Rubbish Local Government chairmen = BEAST OF NO NATION 🇳🇬🇳🇬

these CBN guys and their big languages is just annoying

Expect the forger to fix the country at your own risk

Does this mean that they can now be imported into the country 🤔

Let's see what the implications will be.

We believe this will improve and impact the citizens




God bless our Land
God bless you
God bless ME

it's a bad idea to lift the ban on 43 items . dullards

The same CBN dat collected loan to fight the forex freefall

People are hoarding dollar at the expense of the Naira. Just imagine some private schools asking pupils and students to pay in dollar within the Nigeria space.
The solution, is to eliminate hoarding dollar, booster local productions.
Ban Bereau de change, ban domiciliary accounts that accept foreign currency (should be exchange at point of entry)
Long jail terms for money laundering, especially on foreign companies within the country.

Day just break

Theres no reason why dollar should sell for 1000naira

chisomkachy:


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In June 2015, the Central Bank announced that some 41 items were “Not Valid for Foreign Exchange”, on the grounds that they could easily be produced in Nigeria rather than being imported into the country.

Some of the affected items include rice, cement, margarine, palm kernel, palm oil products, vegetable oils, meat and processed meat products, vegetables and processed vegetable products, poultry, tomatoes/tomato paste, soap and cosmetics, and clothes.

Other items include private airplanes/jets, Indian incense, tinned fish in sauce, cold rolled steel sheets, galvanised steel sheets, roofing sheets, wheelbarrows, head pans, metal boxes/containers, enamel ware, steel drums and pipes, wire mesh, steel nails, wood particle boards, and panels.

Equally affected were security and razor wire, wood particle and fiber boards and panels, wooden doors, furniture, toothpicks, glass/glassware, kitchen utensils, tableware, tiles (vitrified, ceramics), textiles, wooden fabrics, plastic/rubber products, polypropylene granules, and cellophane wrappers.

The apex bank subsequently added fertiliser and maize/corn to the list of banned items.

According to the apex bank at the time, the I&E market functions by a “willing buyer, willing seller” system, where an entity with demand for FX seeks out another entity with FX to sell at an agreed price through an authorised dealer.

Tinubu is working, is this how to encourage industries in Nigeria

The inflation really started after the ban on these commodities. I hope this can help the common man. I remember prior before the ban, 25kg Royal stallion rice was selling at N3,500

BUA got a hint of this and quickly adjusted its cement price.

Other marketers/producers will follow suit by the time people start bringing in these foreign goods.

But come to think of it, with this skyscraper forex, who'd import at that rate and expect to sell at a cheaper price than it is in the current market🤔

No policy has really brought us good in this country. They always go back to counter and come up with the worst.

Time to start importing Cheap beef and cement.

chisomkachy:


https://m.facebook.com/story.php?story_fbid=pfbid038BsSm9hcsyudCNFxeDjpR1yvszGhv66ugtB88EoUMmY9PaWndHGf9eX5EnLkDASKl&id=100064853313796&mibextid=Nif5oz



In June 2015, the Central Bank announced that some 41 items were “Not Valid for Foreign Exchange”, on the grounds that they could easily be produced in Nigeria rather than being imported into the country.

Some of the affected items include rice, cement, margarine, palm kernel, palm oil products, vegetable oils, meat and processed meat products, vegetables and processed vegetable products, poultry, tomatoes/tomato paste, soap and cosmetics, and clothes.

Other items include private airplanes/jets, Indian incense, tinned fish in sauce, cold rolled steel sheets, galvanised steel sheets, roofing sheets, wheelbarrows, head pans, metal boxes/containers, enamel ware, steel drums and pipes, wire mesh, steel nails, wood particle boards, and panels.

Equally affected were security and razor wire, wood particle and fiber boards and panels, wooden doors, furniture, toothpicks, glass/glassware, kitchen utensils, tableware, tiles (vitrified, ceramics), textiles, wooden fabrics, plastic/rubber products, polypropylene granules, and cellophane wrappers.

The apex bank subsequently added fertiliser and maize/corn to the list of banned items.

According to the apex bank at the time, the I&E market functions by a “willing buyer, willing seller” system, where an entity with demand for FX seeks out another entity with FX to sell at an agreed price through an authorised dealer.

After destroying the naira with a useless ''floating market'' exchange rate ?
A very clueless and incompetent government.

Are they trying to say ban on importation of foreign rice have been lifted?

Rice

I hope the price of rice, milk and sardine will come down