CBN To Expand List Of FX Restrictions On Imported Items

The Central Bank of Nigeria Governor Mr Godwin Emefiele has given the indication that the CBN will expand the list of imported items that are restricted from accessing forex  in the country. 

This is in line with boosting local production and enhancing Nigeria's domestic economy. 

Mr Emefiele in an interview at the ongoing Presidential retreat for the Ministers-designate said the recent directive on extending FX restrictions to food imports, reinforced the CBN policy direction. 

According to Emefiele the FX restrictions will be approached aggressively to drive Nigeria's agenda of emerging as a productive economy. 

Speaking further the CBN Governor affirmed the fact that it will align with the directive of President Muhammadu Buhari on expanding its FX restrictions. 

Last week President Buhari while hosting the Governors in his party the All Progressives Congress during the Eid-El-Kabir celebrations, said he had directed the CBN to restrict FX to  food items into the country. 

Buhari believed this will help reduce the pressures on foreign exchange in the country. 

Analysts and economists have shared mixed feelings since President Buhari's directive was issued, but with the position of the CBN Nigerians should expect a revised list of additional items that will be restricted from accessing Forex.