Nigeria toughens currency trading curbs to halt naira fall
The Nigerian naira
Lagos - AFP
Nigeria's Central Bank (CBN) on Friday announced new measures to curb currency speculation as part of an effort to defend the naira which has been hit hard by the collapse in global oil prices.
Customers who purchase foreign currency through the interbank market or an authorised trader must use the fund within 48-hours or they will be forced to sell it back to the central bank at a price to be fixed by the bank, a statement said.
The measure targets speculators who seek profit by buying up foreign currency in hopes that the naira will continue to fall.
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