Nigeria central bank limits interbank dollar holdings to 72 hours

by Reuters 0

Nigeria's central bank said dollars bought from the interbank market can be held for up to 72 hours after which they must be sold back.

These must be sold back to the central bank at its own day rate, a circular seen by Reuters showed.

The move is intended to curb speculation on the naira, which has been hit hard in the past few months by falling oil prices.