Business Top Story • Created October 12, 2023 17:49

CBN restores 43 items restricted from accessing forex

The Central Bank of Nigeria (CBN) has announced the restoration of the 43 items which were banned from accessing foreign exchange (FX). The announcement was made in a statement signed by Isa AbdulMumin, director of corporate communications on Thursday. “Importers of all the 43 items previously restricted by the 2015 Circular referenced TED/FEM/FPC/GEN/01/010 and its […]

CBN restores 43 items restricted from accessing forex

The Central Bank of Nigeria (CBN) has announced the restoration of the 43 items which were banned from accessing foreign exchange (FX).

The announcement was made in a statement signed by Isa AbdulMumin, director of corporate communications on Thursday.

“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,” the statement said.

“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.,” the statement said.

This is one of the major actions taken by the apex bank under the leadership of Dr Yemi Cardoso.

Godwin Emefiele, Cardoso’s predecessor, had introduced the policy.

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