- There was a spike in the availability of dollars since the CBN restored forex access to 43 items
- Analysts said the move by the CBN led to a more than five times increase in liquidity
- According to a dealer, the bulk of the dollars came from outside the central bank
To stop the 40% decline experienced in the naira this year, Nigeria’s central bank removed limitations on purchasing foreign currency needed to import 43 products. The action has since caused a surge in the supply of dollars.
Chapel Hill Denham, a Lagos-based investment bank, reports that after the central bank’s decision, liquidity at the investors and exporters window jumped more than five times to $407.7 million on Thursday.
