Nigeria tightens rules for retail bureaux de change, naira falls

Nigeria's central bank on Friday revised the rules for operating retail bureaux de change in a bid to tighten regulation to curb speculation the long slide in oil prices hits its dollar reserves and currency.
The circular, which will come into effect in January in Africa's biggest economy, orders retail money exchanges to deposit a mandatory cautionary deposit of 35 million naira in an account with the central bank, in addition to a minimum capital requirement of 35 million naira.
The naira was trading at a new low of 260 to the dollar among most bureaux de change agents on Friday as against 255 on Thursday