Nigeria's currency curbs defended

Nigeria's currency curbs defended

oil refinery in Nigeria

Nigeria's oil export earnings have falled sharply as crude oil prices have dropped

When Nigeria announced new restrictions on banks' access to foreign currency earlier in February, it caused some concern in financial circles.

The move was designed to protect Nigeria's currency, the naira. But was it also a sign of weakening commitment to market reforms, and so perhaps bad news for foreign investors?

The governor of Nigeria's central bank, Chukwuma Soludo, came to London to explain his thinking. During his trip he talked to the BBC's Economics correspondent Andrew Walker.

Listen Listen to Andrew Walker's interview with Chukwuma Soludo (3 mins 21 secs)

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First broadcast on World Business News on 16 February 2009