The Lagos Chamber of Commerce and Industry has said that the removal of foreign exchange restrictions on previously banned 43 items by the Central Bank of Nigeria will reduce demand pressure on the parallel market.
According to him, the commitment of CBN to offset the FX backlog as part of the measures to address the current FX challenge plaguing the market is noteworthy. “LCCI particularly appreciates this stand to promote orderliness and professional conduct by all market participants to ensure market forces determined exchange rates on a willing buyer- willing seller principle.
“In our opinion, this policy is a market-friendly step towards unifying the exchange rates and is expected to curtail inflationary pressures in the short term.”
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