Posted 3/21/2024, 4:00:00 AM
Naira Rallies as Dollar Crashes, Import Restrictions Eased
- Naira may strengthen to 1,300/$ as speculators dump FX, making it a buyer's market
- Naira now trading at a discount on parallel market vs official rate for the first time in a year
- Dollar crashed to 1,400/$ on Wednesday, now 1,350-1,450/$, could hit 1,200/$ soon
- CBN may have lifted restrictions on importing milk and dairy products
- Importers of 43 previously banned items now allowed to purchase FX after CBN eased restrictions