Naira remains unchanged against dollar

On the interbank market on Monday, the naira was unchanged against dollar amid a slowdown in the demand for dollar from Bureau De Change operators trying to meet increased capital requirements imposed by the Central Bank of Nigeria.

According to the report from reuters, the naira closed at N162.75 to dollar, the same level it closed on Friday.

Two weeks ago, the CBN had ordered the increase of the capital base to N35mn from the existing N5mn, asking them to register their businesses again.

The central bank explained that the new guidelines were meant to curtail abuses by currency speculators as well as tackle money laundering.

Traders said the naira should trade within the prevailing range in the week as the market anticipates dollar sales by the Nigerian National Petroleum Corporation.