42 Banned Items: Restriction Of FX Access To Continue- CBN

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The Central Bank of Nigeria (CBN), on Tuesday, January 8, 2019, said there are no plans to shift grounds on allowing importers of 42 bared items from access to the official foreign exchange window any time soon.

A statement by the Director of CBN’s Corporate Communications Department, Isaac Okorafor, assured that the policy would continue, particularly given that it has so far greatly boosted local production of the various items on the list.
Already, he disclosed that the Economic Intelligence Unit of the CBN was working closely with relevant government agencies to checkmate any attempt to circumvent the policy.

The statement also announced the continuation of the apex bank’s intervention in the inter-bank sector of the Foreign Exchange market by injecting another $210m.
While $100m was injected into the wholesale segment of the market, the sum of $55m each went into the Small and Medium Enterprises (SMEs) and invisibles sectors.

He reiterated that the CBN was unrelenting in its resolve to sustain liquidity in the forex market as well as maintain stability there, stressing that the continued intervention was aimed at helping it meet requests of genuine customers in the various windows of the market.
Meanwhile, the United States Dollar at the rate of US$1 for N358 in the Bureau De Change (BDC) segment of the market on Tuesday, January 8, 2019.


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