Under the sultry tropical sky, the Central Bank of Nigeria (CBN) unfurled a new economic narrative, lifting the curtain on a long-standing economic restriction. It was a tale of forex and the fluctuating fortunes of a nation grappling with economic dynamics.

The initial move to place foreign exchange (Forex) restrictions on 43 items, including staples like rice and cement, was a strategy born out of necessity. The intention was to stifle the demand for Forex in the official market, thereby fostering local production. However, as often happens with complex economic maneuvers, the strategy ricocheted – the demand slipped into the parallel market, causing the exchange rate to slump and inflation to rear its head

Source: bnn.network