CBN restricts dollar sales to importers

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By Alex C

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 at the weekend.

The CBN also restricted lenders and discount houses from placing more than 7.5 billion naira ($44 million) each as deposits with the regulator, swelling interbank naira liquidity. The naira hit a new intraday low of 170.5 against the dollar on Friday, falling 1.87 percent as the stock market continued to slide.

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