The Central Bank of Nigeria, CBN, has restated commitment to boost liquidity in the Foreign Exchange (FX) market.
CBN’s Director, Corporate Communications, Dr Isa AbdulMumin, made this known on Thursday in Marrakech.
Mr AbdulMumin also announced that Importers of all the 43 items previously restricted in 2015 are now allowed to purchase foreign exchange in the Nigerian FX market.
He said that the apex bank would continue to promote orderliness and professional conduct by all participants in the market.
According to him, the idea is to ensure that market forces determined exchange rates on a “Willing Buyer-Willing Seller” principle.
“The CBN reiterates that the prevailing FX rates should be referenced from platforms such as the CBN website, FMDQ, and other recognised or appointed
trading systems.
“This is to promote price discovery, transparency, and credibility in the FX rates,” he said.
The director said that as part of its responsibility to ensure price stability, the apex bank would boost liquidity in the Nigerian FX 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, ” he said.
Below is the full list of the items
Here are the 43 items:
1. Rice
2. Cement
3. Margarine
4. Palm kernel
5. Palm oil products
6. Vegetable oils
7. Meat and processed meat products
8. Vegetables and processed vegetable products
9. Poultry and processed poultry products
10. Tinned fish in sauce (Geisha)/sardine
11. Cold rolled steel sheets
12. Galvanized steel sheets
13. Roofing sheets
14. Wheelbarrows
15. Head pans
16. Metal boxes and containers
17. Enamelware
18. Steel drums
19. Steel pipes
20. Wire rods (deformed and not deformed)
21. Iron rods
22. Reinforcing bars
23. Wire mesh
24. Steel nails
25. Security and razor fencing and poles
26. Wood particle boards and panels
27. Wood fiberboards and panels
28. Plywood boards and panels
29. Wooden doors
30. Toothpicks
31. Glass and glassware
32. Kitchen utensils
33. Tableware
34. Tiles-vitrified and ceramic
35. Gas cylinders
36. Woven fabrics
37. Clothes
38. Plastic and rubber products
39. Polypropylene granules
40. Cellophane wrappers and bags
41. Soap and cosmetics
42. Tomatoes/tomato pastes
43. Eurobond/foreign currency bond/ share purchases
