₦airaland Forum

The Investor & Exporter forex window recorded a turnover of $53.02m on Friday, following the Central Bank of Nigeria’s forex ban lift on 43 items.

The CBN on Thursday, lifted the ban on importers of 43 items restricted from accessing foreign exchange on its official platform.

It disclosed this in a statement titled, ‘CBN restates commitment to boost liquidity in forex market’, signed by the Director, Corporate Communications, Isa AbdulMumin.

“Importers of all the 43 items previously restricted by the 2015 circular referenced TED/FEM/FPC/GEN/01/010, and its addendums are now allowed to purchase foreign exchange in the Nigerian foreign exchange market,” the statement said.

Figures obtained from the FMDQ on Friday revealed that there wasn’t improvement in turnover on the official trading platform, as it recorded $53.02m turnover from $60.30m on Tuesday.

The naira however appreciated slightly as it exchanged at 764.86/$ from 766.70/$ on Thursday.

Analysts at Cordros Securities said in a report on Friday on the forex ban lift that, “In our view, while this is another step forward, we think FX liquidity should take prominence to avoid further FX pressures at the official and parallel markets, more so that the FX queue will now be longer at the official market without liquidity.

“Perhaps this is a signalling tool by the CBN to shift attention away from the parallel market and reduce the pressure of the official market playing a catch-up game with the unofficial exchange rate.

“Hence, in terms of impact, we think FX pressures will increase in the official market in the near term, while the parallel market rate is likely to appreciate as the importers of these 43 items move to the official market.”

DeLaRue:
Now that the banned goods have been restored, the government should now focus on increasing funding to the I & E market/window, so that those who need foreign currency for serious business/purpose are well served.

If people want to exchange naira for dollars at N5000 to $1 on the black market, it is up to them. Government has no control over that market.

The naira however appreciated slightly as it exchanged at 764.86/$ from 766.70/$ on Thursday.

Paraman:
I hope the CBN is prepared for the importers

I see the naira weakling against the dollar at the official window... I see naira strengthening against the dollar at the black market


This i have seen

k2kay:
What was the turnover the previous day(s)?

Dennisochampa:
Make them divide this money into 10 and gimme one part..
I go first chop hot amala and gbegiri soup
Than I go shut down oshodi for one month.
I go come buy all the empty lands wen dey my village.
I go marry my landlord daughter.
I go buy like 15 pit bulls.
Then use the remaining money buy keke full all Lagos and Benin and Abuja roads.
Life is good.

Paraman:
I hope the CBN is prepared for the importers

I see the naira weakling against the dollar at the official window... I see naira strengthening against the dollar at the black market


This i have seen

DeLaRue:
Now that the banned goods have been restored, the government should now focus on increasing funding to the I & E market/window, so that those who need foreign currency for serious business/purpose are well served.

If people want to exchange naira for dollars at N5000 to $1 on the black market, it is up to them. Government has no control over that market.