{"id":293096,"date":"2023-10-12T18:28:28","date_gmt":"2023-10-12T17:28:28","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=293096"},"modified":"2023-10-12T18:28:28","modified_gmt":"2023-10-12T17:28:28","slug":"cbn-lifts-forex-restrictions-on-importation-of-43-items","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2023\/10\/12\/cbn-lifts-forex-restrictions-on-importation-of-43-items\/","title":{"rendered":"CBN lifts Forex restrictions on importation of 43 items"},"content":{"rendered":"<ul>\n<li><strong>Pledges to continue to promote orderliness and professional conduct by all participants in the Nigerian Foreign Exchange Market<\/strong><\/li>\n<li><strong>CBN is committed to accelerating efforts to clear the FX backlog with existing participants and will continue dialogue with stakeholders to address the issue<\/strong><\/li>\n<\/ul>\n<p>The Central Bank of Nigeria (CBN) has lifted the foreign exchange restriction on importation of 43 items assuring of its commitment to boost liquidity in the foreign exchange market.<\/p>\n<p>Disclosing this in a statement, Director Corporate Communications, Department, CBN, Dr.Isa Andulmumin, said,\u201dImporters of all the 43 items previously restricted by the 2015 Circular referenced TED\/FEM\/FPC\/GEN\/01\/010 and its addendums are now allowed to purchase foreign exchange in the Nigerian Foreign Exchange Market.\u201d<\/p>\n<p>He said: \u201cThe <a href=\"https:\/\/www.withinnigeria.com\/news\/2023\/10\/01\/report-on-past-cbn-activities-ready-soon-tinubu\/\" target=\"_blank\" rel=\"noopener\">Central Bank of Nigeria<\/a> (CBN) 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 \u2013 Willing Seller principle.<\/p>\n<p>\u201cThe CBN reiterates that the prevailing Foreign Exchange (FX) rates should be referenced from platforms such as the CBN website, FMDQ, and other recognised or appointed trading systems to promote price discovery, transparency, and credibility in the FX rates.<\/p>\n<p>\u201cAs part of its responsibility to ensure price stability, the CBN will boost liquidity in the Nigerian Foreign Exchange Market by interventions from time to time. As market liquidity improves, these CBN interventions will gradually decrease.<\/p>\n<p>Importers of all the 43 items previously restricted by the 2015 Circular referenced TED\/FEM\/FPC\/GEN\/01\/010 and its addendums are now allowed to purchase foreign exchange in the Nigerian Foreign Exchange Market.<\/p>\n<p>\u201cThe CBN is committed to accelerating efforts to clear the FX backlog with existing participants and will continue dialogue with stakeholders to address the issue.<\/p>\n<p>\u201cThe 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.<\/p>\n<p>\u201cParticipants and the general public are to be guided by the above.\u201d<\/p>\n<p><strong>Full list of the items:<\/strong><\/p>\n<p>Rice<br \/>\nCement<br \/>\nMargarine<br \/>\nPalm kernel<br \/>\nPalm oil products<br \/>\nVegetable oils<br \/>\nMeat and processed meat products<br \/>\nVegetables and processed vegetable products<br \/>\nPoultry and processed poultry products<br \/>\nTinned fish in sauce (Geisha)\/sardine<br \/>\nCold rolled steel sheets<br \/>\nGalvanized steel sheets<br \/>\nRoofing sheets<br \/>\nWheelbarrows<br \/>\nHead pans<br \/>\nMetal boxes and containers<br \/>\nEnamelware<br \/>\nSteel drums<br \/>\nSteel pipes<br \/>\nWire rods (deformed and not deformed)<br \/>\nIron rods<br \/>\nReinforcing bars<br \/>\nWire mesh<br \/>\nSteel nails<br \/>\nSecurity and razor fencing and poles<br \/>\nWood particle boards and panels<br \/>\nWood fiberboards and panels<br \/>\nPlywood boards and panels<br \/>\nWooden doors<br \/>\nToothpicks<br \/>\nGlass and glassware<br \/>\nKitchen utensils<br \/>\nTableware<br \/>\nTiles-vitrified and ceramic<br \/>\nGas cylinders<br \/>\nWoven fabrics<br \/>\nClothes<br \/>\nPlastic and rubber products<br \/>\nPolypropylene granules<br \/>\nCellophane wrappers and bags<br \/>\nSoap and cosmetics<br \/>\nTomatoes\/tomato pastes<br \/>\nEurobond\/foreign currency bond\/ share purchases<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pledges to continue to promote orderliness and professional conduct by all participants in the Nigerian Foreign Exchange Market 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 Central Bank of Nigeria (CBN) has lifted the foreign exchange restriction on [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":275010,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"2","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"1","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"0","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"jnews_override_bookmark_settings":{"override_bookmark_button":"0","override_show_bookmark_button":"0"},"jnews_override_counter":{"override_view_counter":"0","view_counter_number":"0","override_share_counter":"0","share_counter_number":"0","override_like_counter":"0","like_counter_number":"0","override_dislike_counter":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[2],"tags":[658,71686,18127,25777],"class_list":["post-293096","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-cbn","tag-forex-restrictions","tag-fx","tag-restrictions"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>CBN lifts 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