Skip to content
Subscriber Only

Nigeria Backtracks on Currency Rules After Naira Weakens

  • Currency at the weakest level in three months on black market
  • Softened stance seeks to reduce pressure on parallel market

Sign up to our Next Africa newsletter and follow Bloomberg Africa on Twitter

Nigeria’s central bank has backtracked on a rule that banned companies from sourcing imports from third parties other than manufacturers after the naira extended losses in the black market due to rising demand.