Nigeria: Govt Mulls Relaxing Forex Restrictions On 41 Items

The Federal Government may get the Central Bank of Nigeria, CBN, to relax the ban imposed on 41 items from official foreign exchange window.

Vice President Yemi Osinbajo, who disclosed this in an email obtained by Bloomberg, said the government would consider “policy-driven restrictions” to promote local manufacturing of 41 items, such as rice and toothpicks.

He said: “In stabilizing the macroeconomic environment, we have focused on aligning fiscal with monetary policy and nudging the Central Bank toward the objective of more market-determined exchange rates.”

Recall that the apex bank in 2015, introduced a policy restricting importers of some 41 items from sourcing from the official foreign exchange window, in order to support the naira after it was hit by a fall in oil prices.

The policy has, however, led to the closure of many plants in various sectors.

Credit: All Africa

Published on 4 May 2017 | 8:33 am at Source