The Central Bank of Nigeria (CBN) has announced that it has removed the foreign exchange restriction on the importation of 43 items that were previously banned in 2015.

The CBN said that this decision was part of its commitment to improve the liquidity and stability of the foreign exchange market in Nigeria.

According to a statement issued by the Director of Corporate Communications Department, CBN, Dr. Isa Andulmumin, importers of the 43 items can now access foreign exchange from the Nigerian Foreign Exchange Market to facilitate their transactions.

The statement also said that the CBN would continue to ensure orderliness and professionalism in the foreign exchange market by enforcing the market forces of demand and supply to determine the exchange rates.

The statement further said that the CBN would reference the prevailing foreign exchange rates from platforms such as the CBN website, FMDQ, and other recognised or appointed trading systems to promote price discovery, transparency, and credibility in the foreign exchange market.

The CBN also stated that it would intervene in the foreign exchange market from time to time to boost liquidity and reduce the backlog of unmet demand. The CBN said that as the market liquidity improves, these interventions would gradually decrease.

The CBN also expressed its commitment to achieving a single foreign exchange market in Nigeria and said that it was consulting with market participants to realise this goal.

The statement urged all participants and the general public to abide by the guidelines and regulations of the foreign exchange market.