The Central Bank of Nigeria has lifted the ban on importation of rice, cement and 41 other items.
This was disclosed in a circular by the apex bank on October 12, 2023.
The ban was imposed during the tenure of former CBN governor, Godwin Emefiele.
Other items on the list are margarine, palm oil products, cold rolled steel sheets, galvanized steel sheets, roofing sheets, wheelbarrows and vegetable oils as well as Eurobond/foreign currency bond/ share purchases.
The central bank said it will also boost liquidity in the Nigerian Foreign Exchange Market and intervene from time to time, stating that interventions will decrease as liquidity improves.
Under the new guidelines, the CBN said it will be championing the ‘Willing Buyer – Willing Seller’ principle, emphasizing its commitment to a market-driven exchange rate system.
It further said to avoid potential misinformation, participants are advised to reference foreign exchange rates only from official platforms such as the CBN website, FMDQ, and other recognised trading systems.
The apex Bank further said in a move to stabilise the market, it will intermittently boost liquidity in the Nigerian Foreign Exchange Market.
The CBN pledged to intensify efforts for its clearance and further engage with stakeholders to streamline solutions and also indicated its pursuit of a unified foreign exchange market, with consultations already underway with market players.
