BREAKING: Naira to rise as CBN lifts ban on 43 items restricted from FX

The Central Bank of Nigeria (CBN) has lifted the ban on 43 previously restricted items, allowing access to foreign exchange (FX). This move was confirmed by Isa AbdulMumin, the Director of Corporate Communications at CBN.

The apex bank emphasized its commitment to resolving the foreign exchange crisis and addressing the FX backlog by engaging with existing participants and fostering dialogues with stakeholders.

According to the CBN’s statement, “Importers of all the 43 items previously restricted by the 2015 Circular are now allowed to purchase foreign exchange in the Nigerian Foreign Exchange Market.”

The CBN reiterated its objective of promoting market-driven exchange rates, emphasizing transparency and credibility. It encouraged referencing prevailing FX rates from authorized platforms such as the CBN website and recognized trading systems.

To maintain price stability, the CBN plans to inject liquidity into the Nigerian Foreign Exchange Market through periodic interventions. As market liquidity improves, the frequency of these interventions is expected to decrease.

The CBN is dedicated to achieving a unified FX market and is in consultation with market participants to realize this objective. Both participants and the public are urged to follow the guidelines provided.

In recent times, the Nigerian Naira has experienced depreciation against the dollar since the CBN adopted a flexible exchange rate policy on June 14. On Wednesday, the official forex window saw the Naira exchange at N776.8/$1, while the parallel market quoted N1040/$1.