Nigeria’s central bank has backtracked on a rule that banned companies from sourcing imports from third parties other than manufacturers after the naira extended losses in the black market due to rising demand.
A circular by the regulator to banks this week explained that importers can open bills of collection in favor of agents and third parties to import goods, a softening of restrictions introduced in August.
The directive forced importers to redirect their dollar demand to the parallel market, resulting in a weakening of the local unit to a three-month low of 480 naira to the dollar on Friday. The naira traded at 385.50 to the greenback on the importer and exporter window as of 4:22 p.m. in Lagos, with the spot rate at 383…
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