November 6, 2014 / 12:15 PM / 5 years ago

Nigeria's central bank restricts dollar sales as naira sinks

LAGOS, Nov 6 (Reuters) - Nigeria’s central bank banned the sale of dollars to importers of telecom equipment, power generators and finished products at its foreign exchange auction, instead shifting demand to the interbank market, dealers told Reuters on Thursday.

The central bank also restricted lenders and discount houses from placing more than 7.5 billion naira ($44 mln) each as deposits with the regulator, swelling interbank naira liquidity.

The naira hit a new intraday low of 170.5 against the dollar on Thursday, falling 1.87 percent as the stock market continued to slide. (Reporting by Oludare Mayowa; Writing by Chijioke Ohuocha, editing by John Stonestreet)

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