Central Bank of Nigeria, CBN on Friday called a meeting with chief executives and treasurers of banks to discuss issues surrounding its policy on the foreign exchange market, multiple banking sources told Reuters.
The central bank imposed tight controls on the foreign exchange market in February to curb speculation on the naira and save its dwindling foreign reserves in Africa’s biggest economy.
Before setting the restrictions, the central bank had been battling to prop up the naira after a sharp fall in the price of oil, Nigeria’s main export, which triggered a sell-off in assets by foreign investors.
The central bank also fixed the rate at which banks can buy dollars from oil companies. Traders were upbeat on the outcome of the meeting which they claimed was long overdue to ease the tight control in the market and allow the local currency to find its real value.
(Vanguard)
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