CBN In New Order Reverses Buhari Ban On Foreign Exchange For Rice, 42 Other Imports

The Central Bank of Nigeria (CBN) has lifted restriction to foreign exchange it placed on the importation of rice, palm kernel and 41 other items eight years ago.

The apex bank in a statement released on Thursday, October 12, the director of corporate communications of the bank, Dr Isa AbdulMumin, said a significant change has been made in the foreign exchange market policy.

In the statement released, AbdulMumin said the CBN is actively working to address the existing backlog of foreign exchange transactions, and it is currently engaged in ongoing discussions with various stakeholders to find solutions and facilitate the clearance of this backlog.

Enumerating on the restriction to foreign exchange on rice and other items in the new order from the CBN, the apex bank said:

‘The Central Bank of Nigeria (CBN) will continue to promote orderliness and professional conduct by all participants in the Nigerian Foreign Exchange Market to ensure market forces determine exchange rates on a Willing Buyer – Willing Seller principle.

The CBN reiterates that the prevailing Foreign Exchange (FX) rates should be referenced from platforms such as the CBN website, FMDQ, and other recognised or appointed trading systems to promote price discovery, transparency, and credibility in the FX rates.

As part of its responsibility to ensure price stability, the CBN will boost liquidity in the Nigerian Foreign Exchange Market by interventions from time to time. As market liquidity improves, these CBN interventions will gradually decrease.

Importers of all the 43 items previously restricted by the 2015 Circular referenced TED/FEFPC/GEN/O1/010 and its addendums are now allowed to purchase foreign exchange in the Nigerian Foreign Exchange Market.

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. Consultation is ongoing with market participants to achieve this goal. Participants and the general public are to be guided by the above.”

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