The Central Bank of Nigeria has removed the restriction it placed on access to official foreign exchange market for importation of 43 items, 9 years after.
The statement assures that the apex bank will continue to intervene at the official foreign exchange market to meet the rising demand.
It says the CBN is actively working to address the existing backlog of foreign exchange transactions.
Although the value of the naira has remained stable at around N760-N770 to the dollar at the official end of the market, the statement adds that the demand pressure at the parallel market had seen it spiral to over N1,030 to the dollar as at Wednesday.
In 2021, the CBN had restricted Forex access for some items such as; Rice, cement, Margarine, Palm kernel, palm oil products & vegetable oils, Meat & processed meat products & Vegetables & processed vegetable products.
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