The Central Bank of Nigeria (CBN) has lifted the forex ban on 43 items and also promised to intervene in the Foreign Exchange (FX) market from “time to time”.
Recall that the apex bank had in 2015 restricted the items from accessing FX from the I&E window, saying they were “not valid for foreign exchange and could be produced in the country.
“The Central Bank of Nigeria (CBN) will 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,” he added.
RoyalTimes gathered that the Items affected include: rice, cement, palm kernel, meat, processed meat products, poultry, soap, and cosmetics among others.
But in a statement, the bank’s Director of Corporate Communications Isa AbdulMumin said the ban has been lifted.
“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,” CBN added.