Nigeria: Naira Drops Further As CBN New FX Rule Fails To Save Currency

SAN FRANCISCO, June 29, (THEWILL) – The Nigerian naira on Monday fell sharply against the United States dollar trading at N226 – $1 in the parallel market (black market) from its close of N220 last week.

Forex dealers, who spoke to THEWILL, blamed the drop on the Central Bank of Nigeria's new forex rule which banned importers of 41 items including rice, cement, foreign bonds and private planes from sourcing forex from the interbank market.

The bank announced the new measure last Wednesday in another move to conserve the nation's dwindling foreign reserves.

Today, the naira sold at N198.90 – $1 from its previous close of N196.90 at the interbank market.