The Central Bank of Nigeria (CBN) has announced the lifting of the ban on 43 previously prohibited items. Additionally, the bank has revealed its intentions to implement measures aimed at addressing the foreign exchange market’s challenges.

FOREX: CBN lifts Ban on 43 Prohibited Items
FOREX: CBN Lifts Ban on 43 Prohibited Items

The Central Bank of Nigeria (CBN) is actively addressing the persistent pressure on Nigeria’s currency, the Naira. Here’s what you should know:

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Central Bank of Nigeria Governor, Oluyemi Cardoso, has stated that the bank is currently evaluating the backlog of foreign exchange demand to distinguish between legitimate needs and speculative hoarding. This assessment is intended to develop effective strategies.

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The Central Bank of Nigeria is exploring innovative financial approaches to clear the outstanding foreign exchange demand in the short to medium term. This includes mechanisms for unifying forex rates through a willing buyer and willing seller arrangement.

The Central Bank of Nigeria is strongly committed to allowing market forces to determine exchange rates based on the principles of a willing buyer and a willing seller. For transparency, reference foreign exchange rates from recognized platforms like the Central Bank of Nigeria website.

The Central Bank of Nigeria will intervene to improve liquidity in the Foreign Exchange Market, with the aim of reducing interventions as market liquidity improves. Importers of previously restricted items are now permitted to access foreign exchange.

The Central Bank of Nigeria has set a goal of achieving a unified foreign exchange market. Ongoing consultations with market participants are in progress to work towards this objective.

A Bureau de Change operator noted that the dollar is still being exchanged for N1045, emphasizing the need for proactive measures, especially for students studying abroad and manufacturers facing challenges in accessing dollars.

Dr. Muda Yusuf of the Centre for Promotion of Private Enterprises (CPPE) welcomed the CBN’s decision to end the forex exclusion policy on the 43 items. This move aims to enhance transparency and disclosure of foreign exchange transactions.

While challenges persist, the Central Bank of Nigeria is diligently working to find practical solutions to stabilize the Naira. Stay tuned for further updates.

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