The Central Bank of Nigeria (CBN) said today, Thursday that it 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 reiterated 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.
This was communicated through the Director, Corporate Communications, Isa AbdulMumin PhD in a statement.
The CBN said as part of its responsibility to ensure price stability, it will boost liquidity in the Nigerian Foreign Exchange Market by interventions from time to time. As market liquidity improves, these interventions will gradually decrease.
It added that 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 hange in the Nigerian Foreign Exchange Market.
The CBN says it is committed to accelerating efforts to clear the FX backlog with existing participants and will continue dialogue with stakeholders to address the issue.
