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Nigeria Central Bank Eases Rules for Trading Slumping Naira

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Nigeria’s central bank loosened rules implemented last month on buying and selling foreign exchange that were blamed for crushing currency trading in Africa’s largest economy.

The maximum net open foreign-exchange trading positions banks can hold at the end of each business day was increased to 0.1 percent from zero, the Central Bank of Nigeria, based in the capital, Abuja, said in a notice on its website dated yesterday. Banks have 72 hours to use dollars bought in the interbank market before they must sell them back to the institution, up from 48 hours previously, it said.