The CBN governor, Mr. Godwin Emefiele on Thursday said the bank now has the ammunition it needs to defend the naira, referring to the recent increase in oil revenue.

Emefiele said a recent rise in oil revenue has enabled the Central Bank to defend the Naira.

"The market is stabilising at the level that it is right now and I am saying the parallel market is currently stabilising at between 380 and 385 Naira per dollar," Emefiele said after meeting President Muhammadu Buhari.

The apex bank also lifted the ban it placed on importers of 41 items looking to buy dollars.

However, it comes with condition. The importers can only apply for dollars if they want to import goods worth up to $20,000 per quarter, according to a circular it made available on Thursday.

Vice President Yemi Osinbajo had, on Monday, said that the government planned to replace the list of 41 import items with more trade policy-driven restrictions, considering items that are required and locally unavailable raw materials.

CBN in 2015 placed a restriction on 41 items for which importers could no longer get dollars, including rice, toothpicks, cement, private jets, steel products, plastics and rubber, soap, cosmetics, furniture, Indian incense and foreign bonds.

"Importers of items classified as not valid for forex with transactions value of $20,000 and below per quarter shall now qualify for allocation of foreign exchange," CBN said.