Friday, February 23, 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

NIGERIA CUSTOMS DISBURSE SEIZED FOOD ITEMS IN LAGOS

The Comptroller-General of Customs (CGC), Bashir Adewale Adeniyi  has expressed commitment to align with President Bola Tinubu-led administration's plans to tackle the pressing issue...

CUSTOMS COLLABORATES WITH DIA  TO ENHANCE BORDER SECURITY

Nigeria Customs service says it's collaborating with the Defence intelligence Agency  to maintain and deepen the existing relationships between NCS and the DIA. Comptroller General...

FOOD CRISIS:  NCS  TO DISTRIBUTE SEIZED RICE, OTHERS

The Nigeria Customs Service ( (NCS) has announced its intention to distribute seized rice and other food items in a bid to reduce food security challenges...

Most Popular

NIGERIA CUSTOMS DISBURSE SEIZED FOOD ITEMS IN LAGOS

The Comptroller-General of Customs (CGC), Bashir Adewale Adeniyi  has expressed commitment to align with President Bola Tinubu-led administration's plans to tackle the pressing issue...

DSS ENJOINS ORGANISED LABOUR TO SHUN PROTEST IN THE INTEREST OF PEACE

The Department of State Services (DSS) has called on the Nigeria Labour Congress to shun planed nation wide protest which suppose to hold  between 27th...

MELE KYARI HIGHLIGHTS ENERGY SECURITY’S ROLE IN WEALTH CREATION

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd),  Mele Kyari, says no public wealth creation endeavour can achieve...

CUSTOMS COLLABORATES WITH DIA  TO ENHANCE BORDER SECURITY

Nigeria Customs service says it's collaborating with the Defence intelligence Agency  to maintain and deepen the existing relationships between NCS and the DIA. Comptroller General...

Recent Comments