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Published On: Fri, Nov 7th, 2014

Nigeria naira sinks to near 5-year intraday low as CBN restricts dollar sale

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CBN bars banksNigeria’s naira sank to its lowest intraday level in almost five-years of 171.65 as the central bank moved to curb excess dollar demand at its foreign exchange auctions, instead shifting demand to the interbank market, amid tight supply, dealers said.

Nigeria’s central bank 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 told Reuters yesterday.

The central bank 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)

 

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