Nigeria: Naira plunges in informal trade

The Nigerian naira fell in informal trading on Wednesday as importers sought alternative sources for dollars after the central bank stopped foreign-currency funding for some imports. The currency fell to 230 (R14) per dollar from 226 on Tuesday, Association of Bureaus de Change of Nigeria president Aminu Gwadabe said. The naira traded at 215 per dollar last week before the new restrictions, he said. In interbank trading, the naira rose 0.1 percent to 198.85 naira per dollar at 12.05pm in Lagos. The Central Bank of Nigeria listed 41 items, including rice, private jets, foreign securities and Indian incense, which could not be funded in the interbank foreign-currency market or by the use of export proceeds in its bid to conserve external reserves. – Bloomberg