Naira appreciates slightly against dollar

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The Nigerian naira recovered to trade broadly flat after dipping 2.5 percent in thin trade on Monday, as dealers remained reluctant to quote prices owing to central bank moves to crack down on the speculation it blames for weakening the currency.

The naira had recovered to trade at 182 to the dollar by midday. Dealers said most of them were not trading because of Central Bank of Nigeria’s restrictions introduced last week.

These include banning banks from holding their own funds in dollars and placing a 48 hour limit on how long dollars can be held after being changed from naira.

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