Dollar supply in Nigeria soared after the central bank scrapped restrictions on buying foreign currency required to import 43 items, in a bid to stem the naira’s 40% rout this year.
Liquidity at the investors and exporters window — the official foreign-exchange market — increased more than five-fold to $407.7 million on Thursday after the central bank’s announcement, according to Chapel Hill Denham, a Lagos-based investment bank. The naira gained for the first time in three weeks in the parallel market Friday, said Umar Salisu, a trader who compiles the data.
