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Nigeria Increases Foreign-Currency Curbs to Protect Reserves

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The Nigerian central bank banned importers from using the foreign-exchange market for some goods in Africa’s biggest economy as it seeks to conserve external reserves and stabilize the naira.

Forty categories of goods ranging from private jets to rice, wheelbarrows and Indian incense are covered by the edict, according to a statement on the Central Bank of Nigeria’s website. It also stopped Nigerians from using the interbank market to buy Eurobonds and foreign shares. Importers or investors purchasing the listed items “shall do so using their own funds,” the regulator said.