The Investor & Exporter forex window saw a turnover of $53.02 million on Friday, following the Central Bank of Nigeria’s decision to lift the forex ban on 43 previously restricted items.
In an official statement titled ‘CBN Restates Commitment to Boost Liquidity in Forex Market,’ the CBN disclosed its decision to allow importers of the 43 items to purchase foreign exchange in the Nigerian forex market.
Data from the FMDQ on Friday showed that the turnover on the official trading platform remained relatively stable, with $53.02 million in turnover compared to $60.30 million on Tuesday.
Meanwhile, the naira experienced a slight appreciation, with an exchange rate of 764.86 per dollar, up from 766.70 per dollar on Thursday.
Analysts from Cordros Securities commented on the forex ban lift, stating that while it is a positive step, the focus should be on improving FX liquidity to prevent further pressures on both the official and parallel markets.
They also noted that the official market may experience increased FX pressures in the short term, while the parallel market’s exchange rate is likely to appreciate as importers of the 43 items shift to the official market.