Mohammed Shosanya
The Central Bank of Nigeria, Thursday, announced the suspension of restriction on importation of 43 items into the country.
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, Isa AbdulMumin, the Director, Corporate Communications, said in a statement made available to Premium News.
The statement also quoted the apex bank as declaring that it will boost liquidity in the Nigerian Foreign Exchange Market by the interventions from time to time in order to ensure price stability in the nation’s economy.
The interventions will gradually decrease as market liquidity improves, the statement said, adding that the CBN will also 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.
“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. As market liquidity improves, these CBN interventions will gradually decrease.
“The CBN is committed to accelerating efforts to clear the FX backlog with existing participants and will continue dialogue with stakeholders to address the issue.
“The CBN has set as one of its goals the attainment of a single FX market. Consultation is Ongoing with market participants to achieve this goal. Participants and the general public are to be guided by the above”.