Naira Strengthens against the Dollar post lifting of ban on 43 items

The Central Bank of Nigeria has lifted the ban on importing 43 items. This will assist to balance out th exchange rate of Naira. The Naira gained strength after lifting of this ban. The Central Bank conceded that prohibition affected the exchange rate adversely and lifting the ban will bring demand to the legal market from the black market. The IMF has endorsed this decision for the betterment of the Nigerian economy and have discussed new initiatives with the President Bola Tinubu. 



At the annual meeting of the IMF and World Bank, the World Bank President, Ajay Banga stressed that Nigeria must concentrate on raising its tax receipts. Hopefully, this lifting of ban will help the Naira's strength further. Prior to the lift of the ban, one U.S. dollar was exchanged for around 770 Naira in the official market. After the ban was lifted, it strengthened to 764.86 Naira per U.S. dollar.

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