Last Thursday, the Central Bank of Nigeria (CBN) announced that it had lifted the restriction on the 43 items prohibited, in 2015, from accessing foreign exchange (FX) from the official foreign exchange windows.
“Importers of all the 43 items previously restricted by the 2015 Circular referenced TED/FEM/FPC/GEN/01/010 and its addendums are now allowed to purchase foreign exchange in the Nigerian Foreign Exchange Market,” a statement signed by Isa AbdulMumin, the CBN’s director of corporate communications, said.
The new decision by the central bank to remove forex restrictions on these items came about eight years after the bank on 23 June 2015 restricted those who deal in the items from accessing forex at the authorised FX window. The aim of the policy was to reduce pressure on the demand for dollars for importation and to encourage local production of these items.
