Lagos - Nigeria's central bank has barred banks from holding their own funds in dollars in order to end speculative pressure on the naira currency, the governor said on Thursday.
Godwin Emefiele told Reuters in a phone interview that he believed the current naira band was “appropriately priced at this time”, signalling a will to defend the currency, although it is currently trading below the band.
“We do not want speculators in this market any longer,” he said.
The naira fell to a record low of 188.85 to the dollar after his comments. - Reuters