asd
Thursday, July 18, 2024
Home Business IMPORT RESTRICTION: CBN LIFTS BAN ON 43 ITEMS

IMPORT RESTRICTION: CBN LIFTS BAN ON 43 ITEMS

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.

RELATED ARTICLES

NAICOM LAUNCHES COMPLAINTS PORTAL TO ADDRESS INSURANCE RELATED ISSUES

In an effort to effectively address complaints and ensure swift resolution to all Insurance related issues, the National Insurance Commission has launched the NAICOM...

NAICOM  COLLABORATES WITH NFIU ON FINANCIAL ACTION TASK FORCE .

NAICOM  COLLABORATES WITH NFIU ON FINANCIAL ACTION TASK FORCE . The Commissioner for Insurance/CEO of the National Insurance Commission, NAICOM,  Olusegun Ayo Omosehin, alongside   his...

HOUSE COMMITTEE ON CUSTOMS COMMENDS NCS FOR INCREASE IN REVENUE.

HOUSE COMMITTEE ON CUSTOMS COMMENDS NCS FOR INCREASE IN REVENUE. The Nigeria Customs Service  (NCS) receives commendation from the House Committee on Customs and Excise...

Most Popular

NAICOM LAUNCHES COMPLAINTS PORTAL TO ADDRESS INSURANCE RELATED ISSUES

In an effort to effectively address complaints and ensure swift resolution to all Insurance related issues, the National Insurance Commission has launched the NAICOM...

NAICOM  COLLABORATES WITH NFIU ON FINANCIAL ACTION TASK FORCE .

NAICOM  COLLABORATES WITH NFIU ON FINANCIAL ACTION TASK FORCE . The Commissioner for Insurance/CEO of the National Insurance Commission, NAICOM,  Olusegun Ayo Omosehin, alongside   his...

HOUSE COMMITTEE ON CUSTOMS COMMENDS NCS FOR INCREASE IN REVENUE.

HOUSE COMMITTEE ON CUSTOMS COMMENDS NCS FOR INCREASE IN REVENUE. The Nigeria Customs Service  (NCS) receives commendation from the House Committee on Customs and Excise...

CBN SELLS $122.671 MILLION TO 46 AUTHORISED DEALERS.

CBN SELLS $122.671 MILLION TO 46 AUTHORISED DEALERS  The Central Bank of Nigeria  (CBN)   says it has sold the sum of US$122,671,000.00 (One Hundred and...

Recent Comments