The Central Bank of Nigeria has lifted the restrictions of 43 items that were now allowed to access the official foreign exchange market in the country. In a statement signed by Isa AbdulMumin, PhD, the Ag. Director, Corporate Communications, CBN, the importers restricted by the 2015 Circular referenced TED/FEM/FPC/GEN/01/010, and its addendums can now purchase foreign exchange in the Nigerian foreign exchange market.



The CBN also informed stakeholders that as part of its responsibility to ensure price stability, it will boost liquidity in the Nigerian foreign exchange market through periodic interventions. It further stated that these CBN interventions will gradually decrease as market liquidity improves.



According to the statement, “The Central Bank of Nigeria, CBN, will continue to promote orderliness and professional conduct by all participants in the Foreign exchange market to ensure market forces determine exchange rates on the Willing Buyer-Willing Seller Principle.”



The CBN reiterated that the Foreign Exchange rates should be referenced from platforms such as the CBN website. FMDQ, and other recognized or appointed trading systems to promote price discovery, transparency, and credibility in the FX rates.



It added that it 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.”



Below is the press release from the Central Bank of Nigeria on the commitment to boost liquidity in the foreign exchange market and lifting restrictions on the 43 banned items.