The Central Bank of Nigeria may increase the items on the foreign exchange restriction list from 42 to 50 in order to boost local production and stimulate the export market.
The Governor, Central Bank of Nigeria, Mr Godwin Emefiele, said this on Saturday during an inspection of the refinery being built by Dangote Group at the Lekki Free Trade Zone in Lagos.
Emefiele said the CBN would get more aggressive in ensuring that more items being imported into the country were added to the forex restriction list.
Describing the Dangote refinery as a transformational project for Nigeria, the CBN governor said the project keyed into the objectives of President Muhammadu Buhari’s administration which include conserving forex and diversifying the economy.
He said, “To put it in proper perspective, by the time you dimension the size of the foreign exchange we use in importing petroleum products into the country, it is at least one third of the foreign exchange the CBN spends to import items into Nigeria today. Read more