Nigeria Bans Naira Street Trading as Battered Currency Takes Another Hit
- Regulator asks all BDC operators to apply for fresh licenses
- Hikes capital to $1.4 million from $24,333 to trim operators
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Nigeria stepped up efforts to curb speculation against the battered naira, slapping tough new conditions on bureau de change and banning street trading in foreign currency.
The Central Bank of Nigeria sharply increased capital requirements for the nation’s BDCs, citing the need to regulate the sector and ensure it isn’t undermining the value of the local currency.