News Formal

Naira appreciates slightly after CBN lifts restriction on 43 items

  • 📰 DailyPostNGR
  • ⏱ Reading Time:
  • 21 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 59%

Business Business Headlines News

Business Business Latest News,Business Business Headlines

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 11. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Apex bank ends direct funding of development projects | The Nation NewspaperCentral Bank of Nigeria (CBN) will no longer be directly involved in development finance interventions.
Source: TheNationNews - 🏆 6. / 69 Read more »

How Obi Cubana brought me to Nigeria – Brightgrillzz, who sells fish in millions of nairaA Nigerian newspaper and Online version of the Vanguard, a daily publication in Nigeria covering Nigeria news, Niger delta, general national news, politics, business, energy, sports, entertainment, fashion,lifestyle human interest stories, etc
Source: vanguardngrnews - 🏆 5. / 75 Read more »