Naira appreciates slightly after CBN lifts restriction on 43 items

Nigeria’s currency, the Naira, appreciated marginally to N764.86/$1 at the close of work on Friday after the Central Bank of Nigeria announced lifting the forex restriction on 43 items.

FMDQ exchange data disclosed this on Saturday.

At the beginning of Friday, forex traded for N770.16/$1 but closed at N776.8/$1 at the official market.

The figure showed that the country’s currency appreciated from N776.8/$1 on Thursday.

However, at the parallel market, forex remained unchanged, exchanging at an average of N1030/$1.

The development comes amid the Central Bank of Nigeria’s renewed commitment to halt the forex crisis.

To this end, the apex bank on Thursday lifted forex restrictions on rice, cement, and 41 other items.

The bank said the move would stem the demand for the forex at the parallel market and unify forex pricing.

“The restrictions pushed importers into the parallel market, contributing to the surplus demand for FOREX.

This weakened the parallel-market exchange rate, pushing up prices,” CBN stated.

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