June 19, 2020 / 11:04 AM / 23 days ago

Nigeria central bank levies $598 mln from banks via cash ratio debit -banking sources

ABUJA, June 19 (Reuters) - Nigeria’s central bank has collected 216 billion naira ($598 million) from banks with excess cash holdings as part of measures to support the naira currency, banking sources told Reuters on Friday.

The naira has come under intense pressure in recent months after the coronavirus pandemic and a sharp fall in price of oil, Nigeria’s main export, and as foreign investors exited, leaving the country with large financing gap. (Reporting by Chijioke Ohuocha; Editing by Catherine Evans)

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