Central bank stops selling foreign exchange

723 views · Published 13 January 2016 · 0:49 · Indexed 29 October 2026

Channel: CGTN Africa · 2016 · News & Politics

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Nigeria's central bank has stopped selling foreign exchange to money-changers as it struggles to stabilize its currency amid a plunge in global oil prices. Money changers will now need to source their foreign exchange from autonomous sources. The Central Bank of Nigeria will however deploy more resources to monitor the sources to ensure that no operator is in violation of anti-money laundering laws. Africa's largest oil producer is struggling to cope with crude oil prices that have fallen to below 35 dollars a barrel.

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