On Thursday, the Central Bank of Nigeria announced it has removed foreign exchange market restrictions from on 43 items.
This decision was announced in a circular issued by the central bank on October 12, 2023.
“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,” Isa AbdulMumin, the CBN’s director of corporate communications said in the document.
“Importers of all the 43 items previously restricted by the 2015 Circular referenced TED/FEM/FPC/GEN/01/010 and its addendums are now allowed to purchase foreign exchange in the Nigerian Foreign Exchange Market. The CB is committed to accelerating efforts to clear the FX backlog with existing participants and will continue dialogue with stakeholders to address the issue.”
Here are the 43 items restored to the official foreign exchange market;
Rice, Cement, Margarine, Palm Kernel/Palm oil products/vegetable oils, Meat and Processed Meat Products, Vegetables and Processed Vegetable Products, Poultry – chicken, eggs, Turkey, Private Airplanes/Jets, Indian Incense, Tinned Fish In sauce (Gelsha)/Sardines, Cold Rolled Steel Sheets, Galvanized Steel Sheets, Roofing Sheets.
