Thursday, July 30, 2009

Nigeria to lift forex controls from Monday -

ABUJA, July 9 (Reuters) - Nigeria’s central bank said on Thursday it would lift foreign exchange controls for local buyers of U.S. dollars from Monday, following a decision by governor Lamido Sanusi earlier this week.
The bank imposed forex restrictions in January and replaced the Wholesale Dutch Auction System (WDAS) to try and stem a sharp decline in the naira currency.
Article Controls
‘The Central Bank of Nigeria hereby re-introduces the Wholesale Dutch Auction System with effect from Monday,’ said Batari Musa, director at the bank’s trade and exchange department.
‘This is in a bid to stimulate activities in the interbank and stabilize the foreign exchange market.’
The central bank initially announced the lifting of forex controls on Tuesday after its first monetary policy meeting under Sanusi.
At the meeting, the central bank also slashed interest rates by 2 percentage points and guaranteed interbank transacations for the next nine months.

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