CBN Revokes Import Restrictions on 43 Commodity Items

Linked to the 2015 Circular TED/FEM/FPC/GEN/01/010 and following announcements, the Central Bank of Nigeria (CBN) has revoked import bans on 43 items that were earlier restricted.

The peak financial institution’s approval now allows these goods to be bought utilizing overseas currency within the Nigerian forex market.

In accordance with the principle of Willing Buyer-Willing Seller, the CBN emphasizes its goal to continue endorsing systematic and professional behavior among all members of the Nigerian Foreign Exchange (Forex) market to let market forces guide exchange rates.

The CBN reiterates its focus on enhancing pricing transparency, credibility of foreign exchange rates, and recommends the use of reliable sources like the CBN website, FMDQ, and other recognized or designated trading systems for current foreign exchange (FX) rates.

Dr. Isa AbdulMumin, CBN Director stated that importers of the 43 items, which were initially banned by the 2015 Circular (Reference: TED/FEM/FPC/GEN/01/010), are now permitted to buy foreign exchange in Nigerian forex market. This announcement was made public on Thursday.

“The CBN will periodically intervene to boost liquidity in the Nigerian forex market as a part of its responsibility to guarantee price stability,” he stated.

He further mentioned that as the market liquidity amplifies, the Central Bank of Nigeria will progressively lessen its interventions.

He reaffirmed the bank’s dedication to escalating efforts towards decreasing the FX backlog among current participants and assured continued engagement with relevant stakeholders to find a solution.

He asserted that in an attempt to achieve one of its targets, which is to establish a single forex market, the CBN is incessantly in talks with market participants.

He urged all participants and the public to stay updated with the latest information.

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