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LequteMan
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Nigeria - In a bid to curb bad market speculation against the Naira, the Central Bank of Nigeria will soon lower limits on how much money people can withdraw from their local currency accounts when they go abroad, Sarah Alade, a deputy governor at the apex bank says.
Currently Naira account holders can withdraw as much as $150,000 abroad each year, Ibrahim Mu’azu, a CBN spokesman added.
The new limit will not apply to foreign-exchange accounts, Alade said. Last month, Central Bank of Nigeria Governor Godwin Emefiele said the regulator won’t introduce capital controls.
Nigeria derives 90 percent of export earnings and two-thirds of government revenue from oil, has been hammered by a 47 percent plunge in Brent crude prices since June.
The naira has weakened 18 percent against the dollar in that period and the Nigerian Stock Exchange All Share Index has also fallen 18 percent, BLOOMBERG reports.
#Nigeria #Naira #CBN #Bloomberg
Currently Naira account holders can withdraw as much as $150,000 abroad each year, Ibrahim Mu’azu, a CBN spokesman added.
The new limit will not apply to foreign-exchange accounts, Alade said. Last month, Central Bank of Nigeria Governor Godwin Emefiele said the regulator won’t introduce capital controls.
Nigeria derives 90 percent of export earnings and two-thirds of government revenue from oil, has been hammered by a 47 percent plunge in Brent crude prices since June.
The naira has weakened 18 percent against the dollar in that period and the Nigerian Stock Exchange All Share Index has also fallen 18 percent, BLOOMBERG reports.
#Nigeria #Naira #CBN #Bloomberg
