Nigeria banks crippled

Abuja, 06 Aug-(ANA)-The Central Bank of Nigeria (CBN) has barred banks from trading in foreign exchange sourced from the official market.

The move is to curb the rising speculation in activities prevailing in the nation's foreign exchange market.

In a circular, the CBN stated that banks can no longer use foreign exchange sourced from the official market for inter-bank trading.

Such funds, the CBN said, should only be used to meet customers demand for foreign exchange alone.

It also directed  banks to keep separate books for their inter-bank foreign exchange transactions and make the books available to examiners.(ANA)

FA/ANA/06 August 2009---