CBN to Boost Liquidity in Forex Market, Lifts Ban on 43 Items
43 commodities that had previously been prohibited from obtaining foreign exchange have been granted permission, according to a bank official on Thursday, as part of Nigeria’s central bank‘s commitment to increasing liquidity in the nation’s foreign exchange market.
The ban covered items such as rice, cement and poultry and was imposed in 2015 as part of the unorthodox policies under former Governor Godwin Emefiele in an effort to prop up the naira currency.
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“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,” spokesperson Isa Abdulmumin said.
