Naira Appreciate Somewhat Following CBN's Restriction Lifts On 43 Items

Following the Central Bank of Nigeria's announcement that the ban on 43 commodities was being lifted, the Naira, the currency of Nigeria, slightly increased to N764.86 to $1 at the end of business on Friday.

Information from the FMDQ exchange revealed 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.

At the parallel market, however, currency exchange rates remained unaltered, averaging N1030 to $1.

The change occurs as the Central Bank of Nigeria reaffirms its commitment to ending the forex crisis. 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 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.