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Central bank to support nira stop firms buying dollars

ABUJA : The Central Bank of Nigeria (CBN) will no longer allow oil companies to buy US dollars at its auctions to fund o
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By Muhammad Iqbal
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asdertsABUJA: The Central Bank of Nigeria (CBN) will no longer allow oil companies to buy US dollars at its auctions to fund oil product importation because the firms should use the foreign exchange they earn from exporting crude oil, the CBN said in a publicly circulated letter.

The decision by the CBN is expected to reduce US dollar demand at its bi-weekly auctions and support the naira, which fell to its weakest ever in the interbank market on Thursday.

Copyright Reuters, 2011

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