The Central Bank of Nigeria (CBN) has removed the foreign exchange restriction on the importation of 43 previously banned items.
Importers of these items are now allowed to purchase foreign exchange in the Nigerian Foreign Exchange Market.
According to the press state released today, The apex bank said it is committed to boosting liquidity in the foreign exchange market by intervening when necessary.
It aims to promote price discovery, transparency, and credibility in foreign exchange rates. The CBN is also working towards achieving a single foreign exchange market.
This move is expected to benefit businesses and importers in Nigeria by providing more flexibility in obtaining foreign exchange for their operations.