The list of the 43 items affected by Thursday’s pronouncement of the Central Bank of Nigeria on the Foreign Exchange market is reproduced below in this article by The Eagle Online.
It will be recalled that CBN’s Director of Corporate Communications, Dr. Isa AbdulMumin, unveiled the bank’s position.
In a statement on Thursday, AbdulMumin announced that importers of all the 43 items previously restricted in 2015 are now allowed to purchase foreign exchange in the Nigerian FX market.
He said the apex bank would continue to promote orderliness and professional conduct by all participants in the market.
According to him, the idea is to ensure that market forces determine exchange rates on a “Willing Buyer-Willing Seller” principle.
AbdulMumin said: “The CBN reiterates that the prevailing FX rates should be referenced from platforms such as the CBN website, FMDQ, and other recognised or appointed
trading systems.
“This is to promote price discovery, transparency, and credibility in the FX rates.”
He said as part of its responsibility to ensure price stability, the apex bank would boost liquidity in the Nigerian FX market by interventions from time to time.
He added: “As market liquidity improves, these CBN interventions will gradually decrease.
“The 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 CBN has set as one of its goals the attainment of a single FX market.
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“Consultation is ongoing with market participants to achieve this goal.”
The 43 affected products are
Rice
Cement
Margarine
Palm kernel
Palm oil products
Vegetable oils
Meat and processed meat products
Vegetables and processed vegetable products
Poultry and processed poultry products
Tinned fish in sauce (Geisha)/sardine
Cold rolled steel sheets
Galvanised steel sheets
Roofing sheets
Wheelbarrows
Head pans
Metal boxes and containers
Enamelware
Steel drums
Steel pipes
Wire rods (deformed and not deformed)
Iron rods
Reinforcing bars
Wire mesh
Steel nails
Security and razor fencing and poles
Wood particle boards and panels
Wood fiberboards and panels
Plywood boards and panels
Wooden doors
Toothpicks
Glass and glassware
Kitchen utensils
Tableware
Tiles-vitrified and ceramic
Gas cylinders
Woven fabrics
Clothes
Plastic and rubber products
Polypropylene granules
Cellophane wrappers and bags
Soap and cosmetics
Tomatoes/tomato pastes
Eurobond/foreign currency bond/share purchases.
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