The Central Bank of Nigeria has lifted the ban placed on importation of restricted 43 items and now allows the importers to purchase foreign exchange in the Nigerian Foreign Exchange Market.
In a statement by the Director of Corporate Communications, Dr Isa AbdulMumi the bank stated that it is aimed to ensure that market forces determine exchange rates on a Willing Buyer – Willing Seller principle.
The CBN spokesperson said that the 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.
He noted that as part of its responsibility to ensure price stability, the CBN will boost liquidity in the Nigerian Foreign Exchange Market by interventions from time to time, adding that as market liquidity improves, these CBN interventions will gradually decrease.
