CBN removes the 43-item forex ban and promises to enter the foreign exchange market

The 43 goods from the I&E window were subject to FX limitations in 2015, according to the apex bank.The Central Bank of Nigeria (CBN) promised to act in the foreign exchange market as it saw fit and has abolished FX restrictions on 43 products.The declaration was made in a statement dated October 12, 2023 and signed by Isa AbdulMumin, Director of Corporate Communications for the top bank. Eight years have passed since the CBN, then led by Godwin Emefiele, forbade the 43 products from obtaining foreign exchange through the Investors and Exporters window. At the time, the apex bank asserted that the commodities weren't acceptable for foreign exchange because they could be produced locally. Items including grains, cement, palm kernel, meat and animal-related products are impacted.