• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Markets Currencies

CBN ban on 43 items lifted: Rational move but still more like clearing the cobwebs

CSL Stockbrokers by CSL Stockbrokers
October 13, 2023
in Currencies
FX, CBN
Share on FacebookShare on TwitterShare on Linkedin

According to a new communiqué issued by the Central Bank of Nigeria (CBN), importers of all 43 items previously barred from obtaining foreign cash through official channels are now permitted to purchase foreign exchange in the Nigerian foreign exchange market.

The CBN also stated that it is dedicated to increasing efforts with existing partners to clear the FX backlog.

To encourage price discovery, transparency, and credibility of rates, the CBN further reaffirmed that the current Foreign Exchange (FX) prices should be referenced from platforms such as the CBN website, FMDQ, and other recognized or appointed trading systems.

RelatedStories

Nigeria’s weak external reserves are a concern – Fitch Ratings

Some Nigerian banks to operate under forbearance beyond 2025 – Fitch 

August 27, 2025
CBN, forex

CBN sets October 31 deadline for Payment companies to comply with ISO 20022

August 26, 2025

Nigeria has struggled with significant FX shortages, causing the naira to fall to a record low against the dollar.

The naira has continued to depreciate due to an acute shortage of supply amidst a growing demand.

The gap between the official rate and the parallel market rate has also continued to widen even after the unification of rates at all the official windows using the parallel market rate as reference.

In our view a major factor contributing to the existence of the wide premium between the official and parallel market rate is the distortion in the market that has resulted in more demand going to the parallel market.

Under the leadership of Godwin Emefiele, the CBN banned importers of 43 items from accessing forex from the official windows and stopped the supply of FX to Bureau De Change (BDC) operators.

Policies such as these and the bureaucracy associated with getting forex from the official windows ensure a wide premium between rates at the official window and the parallel market.

In order to improve price stability, the CBN stated that it will increase liquidity in the Nigerian Foreign Exchange Market through periodic interventions but we note that the CBN’s ability to intervene in the forex market depends a lot on the size of its reserves.

The apex bank’s recently released financial statements suggest that a significant percentage of the reserves are encumbered. Since the unification of all the official foreign exchange (FX) windows, the Naira has depreciated by 64% to N759.20/$ as of today from N462.88/$ (price prior to the new policy) at the I&E Window.

However, the real shocks of the policy were witnessed in the parallel market leading the Naira to fall to a high of N1,055/US$ on 13 September 2023.

While we appreciate the need to eliminate the distortions in the market, we reiterate our view that the only viable solution to the current FX crisis is to boost the country’s foreign exchange revenues.

As a first step to achieving this, the government should step up measures to reduce crude oil theft in order to enhance crude oil production.

The swift start-up of the Dangoterefinery, especially the export side of the business remains a game changer in our view as it will be a major source of foreign exchange into the country.

We believe that more has to be done to promote the country’s exports, with the agriculture sector receiving priority in order to increase the production of many cash crops for exports.

Finally, there must be a blueprint in place to explore the country’s huge untapped natural resources in order to increase foreign exchange receipts.

We believe steps like these will attract foreign portfolio investments which could help stabilize the market in the interim.


Follow us for Breaking News and Market Intelligence.
Tags: CBNFX
CSL Stockbrokers

CSL Stockbrokers

Related Posts

Nigeria’s weak external reserves are a concern – Fitch Ratings
Financial Services

Some Nigerian banks to operate under forbearance beyond 2025 – Fitch 

August 27, 2025
CBN, forex
Financial Services

CBN sets October 31 deadline for Payment companies to comply with ISO 20022

August 26, 2025
Forex volatility: BDC operators reveal over 90% of dollar liquidity is off the books
Breaking News

Nigeria’s FX reserves soar to $41 billion, hitting 44-month high 

August 21, 2025
British pound, Naira
Currencies

Naira pegs at N2,205/£ against resilient British Pound Sterling

August 17, 2025
Navigating Nigeria’s Forex Market: Trends and Opportunities in 2025 
Companies

Navigating Nigeria’s Forex Market: Trends and Opportunities in 2025 

August 14, 2025
Easy steps to build wealth through saving money in 2024
Currencies

Naira is one of the strongest currencies in the world, handle with integrity, CBN tells Nigerians 

August 14, 2025
Next Post
Israel-Hamas conflict, Iran, US

Israel-Hamas conflict: U.S. prevents Iran’s access to $6bn in Qatar

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

otd
access bank
nairametrics
Emple
Palmpay
first bank








DUNS

Recent News

  • NNPC under attack but transformation will continue, says GCEO Ojulari 
  • Nigeria’s Bosun Tijani joins Elon Musk, Sam Altman on TIME100 AI list
  • FG to begin second round of integrated vaccination in 11 high-risk states, Sept 11–14

Follow us on social media:

Recent News

Ojulari unveils NNPC’s $60bn investment drive, eyes 3mbpd crude production by 2030 

NNPC under attack but transformation will continue, says GCEO Ojulari 

August 28, 2025
Nigeria’s Bosun Tijani joins Elon Musk, Sam Altman on TIME100 AI list

Nigeria’s Bosun Tijani joins Elon Musk, Sam Altman on TIME100 AI list

August 28, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics