The Central Bank of Nigeria (CBN) has announced a major policy shift by lifting the foreign exchange restrictions on 43 items that were banned in 2015.

The move is aimed at boosting liquidity in the FX market and allowing market forces to determine exchange rates.

The CBN’s spokesperson, Isa Abdulmumin, disclosed this on Thursday in Marrakech, where he reiterated the apex bank’s commitment to ensuring orderliness and professional conduct by all market participants.

He said importers of the 43 items, which include margarine, rice, cement, iron rods, roofing sheets, and wheelbarrows, among others, can now purchase foreign exchange in the Nigerian Foreign Exchange Market. READ MORE STORY HERE

Hopefully rice price will ceaah back

make rice and cement cheap.


make 25 years old Nigeria leave him parent house, begin dey face Life with hope of a better future.

Nigeria is a lost cause walahi.

At a time these creatures where suppose to add more items to the list they cancelled the damn thing. Now I know Naira is headed for N1500 a dollar by december/January.

lazkizz:
make rice and cement cheap.


make 25 years old Nigeria leave him parent house, begin dey face Life with hope of a better future.

more people will head to dollar market trying to import those items and more demand on strained dollar supply will push the Naira down against other currencies. This is a stupid idea. At the end, importers who are billionaires will still fix prices high for all.
This is daft move. Even USA and other top countries stylishly avoid import of certain foreign goods that' are superior. Good example is palm oil.