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Home ยป Naira appreciates slightly after CBN lifts restriction on 43 items
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Naira appreciates slightly after CBN lifts restriction on 43 items

OsunDailyBy OsunDailyOctober 14, 2023No Comments1 Min Read
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Naira appreciates slightly after CBN lifts restriction on 43 items
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Nigeriaโ€™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 countryโ€™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 Nigeriaโ€™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.
โ€œThe restrictions pushed importers into the parallel market, contributing to the surplus demand for FOREX. This weakened the parallel-market exchange rate, pushing up prices,โ€ CBN stated.


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Appreciates CBN items lifts Naira Restriction slightly
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