The Central Bank of Nigeria (CBN) has made the decision to remove the foreign exchange restriction on the importation of 43 items in order to improve liquidity in the foreign exchange market. Importers of these previously restricted items are now permitted to purchase foreign exchange in the Nigerian Foreign Exchange Market.
The CBN has stated that it will continue to promote orderliness and professional conduct in the market, allowing market forces to determine exchange rates. It has also emphasized the importance of referencing prevailing foreign exchange rates from recognized platforms to ensure price transparency and credibility. The CBN will intervene in the market to boost liquidity when necessary, but these interventions will gradually decrease as liquidity improves. The bank is also committed to resolving the backlog of foreign exchange and is engaging in consultations with market participants to achieve a single foreign exchange market.
The Central Bank of Nigeria (CBN) has lifted the restrictions on the importation of 43 items, signaling its desire to improve the availability of foreign exchange in the market. According to the CBN, importers of these previously restricted items are now allowed to purchase foreign exchange from the Nigerian Foreign Exchange Market. Furthermore, the CBN intends to promote professionalism and orderliness in the market to ensure that exchange rates are determined by market forces. To enhance transparency and credibility, the CBN recommends referencing foreign exchange rates from recognized platforms such as the CBN website and FMDQ. In addition, the CBN plans to intervene in the market to boost liquidity, but these interventions will gradually decrease as market conditions improve.
As part of its commitment to enhancing liquidity in the foreign exchange market, the CBN has lifted the restrictions on the importation of 43 items. Importers can now freely purchase foreign exchange from the Nigerian Foreign Exchange Market. The CBN’s goal is to promote professionalism and orderliness in the market, allowing exchange rates to be determined by market forces. The bank advises referencing foreign exchange rates from recognized platforms to ensure transparency and credibility. The CBN will periodically intervene in the market to boost liquidity, but as market conditions improve, these interventions will decrease. Moreover, the CBN is dedicated to resolving the backlog of foreign exchange and engaging in consultations with market participants to establish a single foreign exchange market.
The Central Bank of Nigeria (CBN) has decided to remove the restrictions on the importation of 43 items, aiming to increase the liquidity in the foreign exchange market. The CBN announced that importers of these previously restricted items are now eligible to purchase foreign exchange in the Nigerian Foreign Exchange Market. The CBN is committed to encouraging professionalism and orderliness in the market, allowing exchange rates to be determined by market forces. To ensure transparency and credibility, the CBN suggests referring to foreign exchange rates from recognized platforms. Additionally, the CBN will intervene in the market to enhance liquidity as needed, gradually reducing these interventions as liquidity improves. The CBN is also devoting efforts to resolving the existing backlog of foreign exchange and engaging in discussions with market participants to achieve a unified foreign exchange market.
In an effort to improve liquidity in the foreign exchange market, the Central Bank of Nigeria (CBN) has removed the restrictions on the importation of 43 items. As a result, importers can now purchase foreign exchange in the Nigerian Foreign Exchange Market without limitations. The CBN emphasizes the importance of professionalism and orderliness in the market, allowing exchange rates to be influenced by market forces. For transparency and credibility, the CBN advises referencing foreign exchange rates from recognized platforms. Additionally, the CBN plans to intervene in the market to enhance liquidity, gradually reducing these interventions as market conditions improve. The CBN is also actively working to resolve the backlog of foreign exchange and engaging in conversations with market participants to achieve a unified foreign exchange market.