The Central Bank of Nigeria (CBN) has lifted the foreign exchange restrictions it placed importers of 43 items eight years ago.

The CBN in a statement signed by Dr. Isa AbdulMumin, the director of corporate communications of the bank, said importers who were previously restricted from purchasing foreign exchange for 43 specific items, as outlined in the 2015 Circular, are now allowed to participate in the Nigerian Foreign Exchange Market to buy foreign currency for their transactions.

AbdulMumin said the CBN is actively working to address the existing backlog of foreign exchange transactions, and the CBN is currently engaged in ongoing discussions with various stakeholders to find solutions and facilitate the clearance of this backlog.

The 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.