Nigeria’s Central Bank Said to Call Meeting Friday on FX Rules

Nigeria’s central bank will meet with banking executives and currency dealers on Friday and will probably discuss foreign-exchange trading restrictions, people familiar with the matter said.

While the agenda hasn’t been disclosed, officials from the Central Bank of Nigeria may consult about easing currency trading rules, according to three people with knowledge of the matter, who asked not to be identified as the meeting is private.

Traders and bankers have called for a loosening of controls enforced by central bank Governor Godwin Emefiele to protect the currency of Africa’s biggest oil producer against a 40 percent slump in Brent crude prices in the past year. The naira has weakened 18 percent against the dollar in that period.

Central bank spokesmen Ibrahim Mu’azu and Ugochukwu Okoroafor couldn’t immediately confirm whether a meeting is taking place when contacted by phone on Thursday.

Before it's here, it's on the Bloomberg Terminal.
LEARN MORE