In the face of ongoing liquidity challenges in the official market, importers are reverting to the parallel forex market to meet their foreign exchange requirements, according to analysts.

This shift persists even after the recent removal of the forex ban on 43 specific items by the Central Bank of Nigeria.

The naira had initially experienced a decline but then rebounded at the parallel market.

On Saturday, figures obtained from Aboki Forex showed the naira being bought and sold at 1,140/$ and 1,150/$, respectively.

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This was a notable improvement from the rate of 1,310/$ observed on Tuesday in the parallel market.

Analysts at Cordros Securities have noted that, “Given the CBN’s decision to lift the ban on importers of all 43 items that were previously restricted from the NAFEM in 2015, it has become evident that FX supply in the official market remains limited, and this realization has occurred faster than expected.

Consequently, importers are now returning to the parallel market to meet their FX requirements.”