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Banks banned from reselling CBN dollars to each other

Banks banned from reselling CBN dollars to each other

The Central Bank of Nigeria (CBN) banned banks on Friday from reselling dollars bought at its currency auctions to other banks, dealers said, a move aimed at curbing speculation.

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CBN officials did not immediately respond to a request for comment. The central bank had asked commercial lenders to submit their customers’ dollar demand in a special forex sale on Friday, which delayed trading for over an hour.

Two sales were conducted at N198.50  to the dollar totalling $40.8 million, Thomson Reuters data showed.