Nigeria tightens controls on foreign exchange

The falling oil price has put pressure on the Nigerian currency, the naira.

The Nigerian central bank has imposed new foreign exchange controls to try to stem the flow of dollars out of the country.

It means importers will not be able to get hard currency to buy a list of 40 items ranging from rice to cement.

The list includes Indian incense, plastic and rubber products, soap and even private jets.

It has also restricted access to the interbank currency market for the purchase of foreign currency bonds.

In April, the central bank limited the amount that Nigerians could spend on credit cards abroad.

The Nigerian currency, the naira, has plunged because of the fall in the oil price.

The central bank has spent $3.4bn propping it up since it fixed the exchange rate in February and tightened trading rules to curb speculation.

Read more: Nigeria tightens controls on foreign exchange – BBC News