Rice Farmers React as CBN Lifts Ban, Naira Slumps to N1,155/$1

Farmers in northern Nigeria have applauded the Central Bank of Nigeria’s decision to end the Forex ban on rice imports.

Alhaji Hassan Yaro, Chairman of the Kano Council of Traders and Entrepreneurs, told Punch that the lifting of the Forex ban is a welcome development, as it will help break the monopoly of local rice millers.

According to Yaro, the lifting of the Forex ban will help increase rice supply and bring down its cost price for consumers.

Since the CBN decision to lift the ban on the 43 items, the Naira has been depreciating against the US dollar.

On October 19, 2023, the Naira fell to an all-time low of N1,155 to the US dollar on the exchange market, according to BusinessDay.

According to BusinessDay, the exchange rate for the dollar varied from N1,150 to N1,155 in Abuja, and from N1,155 to N1,120 in Lagos, depending on the specific location. This indicates the volatility of the parallel market and the difficulty of establishing an exact exchange rate.