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Nigeria Curbs Dollar Sales To Foreign Firms

The Central Bank of Nigeria will limit the sale of dollars to foreign companies taking the currency offshore.

The Central Bank of Nigeria will limit the sale of dollars to foreign companies taking the currency offshore, Reuters reports. The move is expected to help contain foreign exchange demand at the central bank’s auctions and support the weakening naira, the Nigerian currency.

Foreign investors are allowed to repatriate their earnings and proceeds of investments offshore. However, they can only obtain dollars from the open market. All remittances regarding dividends, capital and proceeds of investments will have to be made using interbank dealings.

Click here for the story from Reuters.

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