The Central Bank of Nigeria has removed the restrictions preventing importers of 43 products from using its official platform to access foreign exchange.
This information was released on Thursday in a statement with the headline “CBN restates commitment to boost liquidity in forex market,” which was signed by Isa AbdulMumin, Director of Corporate Communications.
According to the announcement, importers of all 43 commodities that had previously been prohibited by the 2015 circular TED/FEM/FPC/GEN/01/010 and its addenda are now permitted to buy foreign currency on the Nigerian foreign exchange market.
To guarantee that exchange rates were established by market forces based on the willing buyer-willing seller concept, the apex bank said it would continue to encourage orderliness and professional behaviour by all players in the Nigerian foreign exchange market.
The CBN further stated, “To enhance price discovery, transparency, and credibility in the FX rates, the CBN reiterates that the current foreign currency rates should be referred to via platforms such as the CBN website, FMDQ, and other recognized or appointed trading systems.
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