Naira appreciates slightly after CBN lifts restriction on 43 items
After the Central Bank of Nigeria announced the removal of the forex limitation on 43 commodities, the Naira, the currency of Nigeria, slightly increased to N764.86 to $1 at the end of business on Friday.
Data from the FMDQ exchange revealed this on Saturday.
Forex traded for N770.16 to $1 at the start of Friday but ended the day at N776.8 to $1 on the official market…………………………………...CONTINUE READING
The data indicated that the country’s currency increased from Thursday’s exchange rate of N776.8 to $1.
Forex exchanged at an average rate of N1030 to 1 in the parallel market, where it remained unaltered.
The change coincides with the Nigerian Central Bank’s reaffirmed commitment to ending the forex crisis………………………………….CONTINUE READING In order to do this, the apex bank eased the FX restrictions on rice, cement, and 41 other products on Thursday.
The bank claimed that the action will reduce demand for foreign exchange on the black market and harmonize forex rates.
“The restrictions forced importers onto the black market, which increased the oversupply of FOREX. Prices increased as a result, weakening the exchange rate on the black market, according to CBN.
