The Central Bank of Nigeria says access to forex is still banned for the importation of some goods.
The apex bank stated via a tweet on its official Twitter handle on Friday.
In 2015, the apex bank announced plans to stop providing FX for the importation of 43 items (including rice, meat, and fish) — an initiative intended to boost local production and conserve the nation’s FX reserve.
In the tweet on Friday, the CBN said the 43 items remain ineligible to receive dollars for their importation.
“The status quo remains on the 43 non-eligible items,” the apex bank said.
“The items are not permitted to be funded from the I&E window.”
The regulator’s statement was necessitated by its recent unification of all segments of Nigeria’s FX market, and the floating of the local currency.
The policy means that all FX windows are now collapsed into the investors and exporters (I&E) window, the CBN said.
“This means all eligible FX transactions shall only be done via the I&E window, all other windows cease to exist,” the CBN said.
“The I&E market functions by a willing buyer, willing seller system, where an entity with demand for FX seeks out another entity with FX to sell at an agreed price through an authorised dealer.
“In this model, rates are usually agreed by both parties.”
Understanding the Operational Changes to the Foreign Exchange (FX) Market 1/3 pic.twitter.com/kNIhH7GIsw
— Central Bank of Nigeria (@cenbank) June 16, 2023
