CURRENT REPORT BLOG The Central Bank of Nigeria (CBN) has recently revised the allowable limits for price deviation in imports and exports to +15% and -15% of the global average prices, respectively. This adjustment was communicated through a circular to authorized dealer banks, signed by Dr. Hassan Mahmud, the Director of the Trade and Exchange Department at the CBN. The move is attributed to the impact of global inflation and related challenges, and these limits play a crucial role in controlling the volume and monetary value of goods that a country can import or export during a specific period.
Price deviation, a statistical measure indicating market price volatility, is coupled with allowable limits, which are government-imposed trade restrictions. These restrictions help regulate international trade by influencing the quantity and value of goods traded between countries. The CBN’s decision reflects an adaptive response to global economic conditions, as it aims to navigate challenges and maintain stability in the face of market uncertainties.
