Importers have returned to the parallel market to source for their forex needs as liquidity challenges persist in the official market, analysts have said.
This is despite the lifting of forex ban on importers of 43 items by the Central Bank of Nigeria recently.
Naira had recorded gains at the parallel market after recent fall. According to figures obtained from Aboki Forex on Saturday, the naira was bought and sold for 1,140/$ and 1,150/$; It had earlier traded at 1,310/$ on Tuesday at the parallel market.
Analysts at Cordros Securities said, “Given the CBN’s unbanning of importers of all the 43 items previously restricted from the NAFEM in 2015, the market realised that FX supply is still minimal at the official market faster than we anticipated.
“Accordingly, importers have returned to the parallel market to fulfil their FX obligations.”