Nigeria’s central bank loosened rules for buying and selling the weakening naira that were implemented last month and blamed for crushing foreign-currency trading in Africa’s largest economy.
The maximum net open foreign-exchange trading positions banks can hold at the end of each business day was increased to 0.1 percent from zero, the Central Bank of Nigeria, based in the capital, Abuja, said in a notice on its website dated on Monday.
Banks have 72 hours to use dollars bought in the interbank market before they must sell them back to the institution, up from 48 hours previously, it said.
Nigeria, which produces the most oil of any African country, tightened rules on foreign-currency trading as the naira slumped and crude prices plunged.
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