{"id":97530,"date":"2023-10-12T20:02:07","date_gmt":"2023-10-12T19:02:07","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/cbn-restores-43-items-restricted-from-fx-vows-to-clear-forex-backlog"},"modified":"2023-10-12T22:20:39","modified_gmt":"2023-10-12T21:20:39","slug":"cbn-restores-43-items-restricted-from-fx-vows-to-clear-forex-backlog","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-restores-43-items-restricted-from-fx-vows-to-clear-forex-backlog","title":{"rendered":"CBN restores 43 items restricted from FX, vows to clear forex backlog"},"content":{"rendered":"

Africa-Press – Nigeria. <\/strong><\/span>The Central Bank of Nigeria, CBN, on Thursday restored the 43 items previously prohibited from access to foreign exchange (FX).<\/p>\n

Isa AbdulMumin, Director of Corporate Communications at CBN, disclosed in a statement on Thursday.<\/p>\n

The apex bank reiterated its commitment to ending the foreign exchange crisis.<\/p>\n

It added that it is working towards an FX backlog with existing participants and will continue dialogue with stakeholders to address the issue.<\/p>\n

According to the statement, \u201cImporters 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.<\/p>\n

\u201cThe 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 \u2013 Willing Seller principle.<\/p>\n

\u201cThe 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.<\/p>\n

\u201cAs 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.\u201d<\/p>\n

\u201cThe CBN is committed to accelerating efforts to clear the FX backlog with existing participants and will continue dialogue with stakeholders to address the issue.<\/p>\n

\u201cThe 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\u201d, it stated.<\/p>\n

Recall that since June 14 when CBN floated the Naira at the forex market, the country\u2019s currency has continued to depreciate against the dollar.<\/p>\n

While the Naira exchanged at N776.8\/$1 at the official forex window on Wednesday, the parallel market stood at N1040\/$1.<\/p>\n

For More News And Analysis About Nigeria<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. The Central Bank of Nigeria, CBN, on Thursday restored the 43 items previously prohibited from access to foreign exchange (FX). Isa AbdulMumin, Director of Corporate Communications at CBN, disclosed in a statement on Thursday. The apex bank reiterated its commitment to ending the foreign exchange crisis. It added that it is working […]<\/p>\n","protected":false},"author":84,"featured_media":97528,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[1570,2140,503,4977,254],"class_list":["post-97530","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-nigeria-2","tag-cbn","tag-fx","tag-nigeria"],"yoast_head":"\nCBN restores 43 items restricted from FX, vows to clear forex backlog - Nigeria<\/title>\n<meta name=\"description\" content=\"The Central Bank of Nigeria, CBN, on Thursday restored the 43 items previously prohibited from access to foreign exchang ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-restores-43-items-restricted-from-fx-vows-to-clear-forex-backlog\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBN restores 43 items restricted from FX, vows to clear forex backlog\" \/>\n<meta property=\"og:description\" content=\"The Central Bank of Nigeria, CBN, on Thursday restored the 43 items previously prohibited from access to foreign exchang ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-restores-43-items-restricted-from-fx-vows-to-clear-forex-backlog\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-12T19:02:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-12T21:20:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/10\/sm_1697129279.513954.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-restores-43-items-restricted-from-fx-vows-to-clear-forex-backlog#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-restores-43-items-restricted-from-fx-vows-to-clear-forex-backlog\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"CBN restores 43 items restricted from FX, vows to clear forex backlog\",\"datePublished\":\"2023-10-12T19:02:07+00:00\",\"dateModified\":\"2023-10-12T21:20:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-restores-43-items-restricted-from-fx-vows-to-clear-forex-backlog\"},\"wordCount\":346,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-restores-43-items-restricted-from-fx-vows-to-clear-forex-backlog#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/10\/sm_1697129279.513954.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Nigeria\",\"CBN\",\"Fx\",\"Nigeria\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-restores-43-items-restricted-from-fx-vows-to-clear-forex-backlog#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-restores-43-items-restricted-from-fx-vows-to-clear-forex-backlog\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-restores-43-items-restricted-from-fx-vows-to-clear-forex-backlog\",\"name\":\"CBN restores 43 items restricted from FX, vows to clear forex backlog - 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