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CBN restricts dollar sales to some importers as naira sinks

CBN restricts dollar sales to some importers as naira sinks

by magna / Friday, 07 November 2014 / Published in Capital Market News

2013-06-12T145610Z_1_AJOE95B15HS00_RTROPTP_2_OZABS-BOND-NAIRA-20130612

The Central Bank of Nigeria (CBN) banned the sale of dollars to importers of telecom equipment, power generators and finished products at its foreign exchange auction, instead shifting demand to the interbank market, dealers said on Thursday.

The CBN also restricted lenders and discount houses from placing more than 7.5 billion naira ($44 mln) each as deposits with the regulator, swelling interbank naira liquidity.

The naira hit a new intraday low of 170.5 against the dollar on Thursday, falling 1.87 percent as the stock market continued to slide.

Reuters

Source : BusinessDay

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