The central Bank of Nigeria (CBN) has lifted the ban on foreign exchange for the
importers of all the 43 items previously restricted by the 2015 Circular referenced
TED/FEM/FPC/GEN/01/010 and its addendums by the former CBN Governor, Godwin Emefiele.

A statement by the Director, Corporate Communications of the bank, Isa AbdulMumin PhD, stated that the previously ban items are now allowed to purchase foreign exchange in the Nigerian Foreign Exchange Market.

AbdulMumin said the reversal is still in line with the Banks efforts to unify the exchange rate and 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 CBN 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”, he said.

The apex Bank reiterated its commitment to 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.

It further urged that 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.