July 21, 2024
CBN Lifts Forex Ban On 43 Items, Promises to Intervene In FX Market
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CBN Lifts Forex Ban On 43 Items, Promises to Intervene In FX Market

The Central Bank of Nigeria (CBN) has lifted the forex ban on 43 items and also promised to intervene in the FX market from “time to time”. 

The apex bank had in 2015 restricted the items from accessing FX from the I&E window, saying they were “not valid for foreign exchange and could be produced in the country. 

Items affected include rice, cement, palm kernel, meat and processed meat products, poultry, soap, and cosmetics among others.

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But in a statement, the bank’s Director of Corporate Communications Isa AbdulMumin said the ban has been lifted.

According to him, these CBN interventions will gradually decrease as the market liquidity improves

AbdulMumin added that the Apex bank will  continue to promote orderliness and professional conduct by all participants in the Nigerian Foreign Exchange Market to ensure market forces determine exchange rates on a Willing Buyer- Willing Seller principle.

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