Importers of the 43 items hitherto banned by the Central Bank of Nigeria (CBN) from accessing foreign exchange at the Nigerian foreign exchange market can rejoice as the apex bank has lifted the ban.
This was contained in a statement from the CBN’s Spokesman, Dr Isa Abudulmumin.
The 43 items were banned via a circular dated June 23, 2015. Some of them are: rice, cement, margarine, palm kernel/palm oil products/vegetable oils, meat and processed meat products, vegetables and processed vegetable products and poultry – chicken, eggs, turkey.
Others are; Indian incense, tinned fish in sauce (Gelsha)/Sardines, cold rolled Steel Sheets, wheelbarrows, plywoods, furniture and more. Abdulmumin said the apex bank would 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.
“The CBN reiterates 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.”
