The Central Bank of Nigeria has revised its regulations for foreign currency sales, Bloomberg reports. As per the new guidelines, commercial banks will not be allowed to sell foreign currency purchased at its twice weekly auctions to bureaus de change and hotels. The funds acquired at the auctions from the central bank will be used only for qualified transactions only. The central bank has already withdrawn the operating licenses of 50 bureaus de changes on Nov. 8, 2010 to check for abuses in the FX market.
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