The naira was unchanged against the dollar on the interbank market on Monday, amid a slowdown in the demand for the United States currency from Bureau de Change operators trying to meet increased capital requirements imposed by the Central Bank of Nigeria.

Reuters reported that the naira closed at N162.75 to the dollar, the same level it closed on Friday.

Traders said a unit of Eni sold about $5m in the market and coupled with weak dollar demand, the naira closed flat.

The CBN had about two weeks ago tightened rules around the BDCs, ordering them to increase their capital base to N35m, from an existing N5m, and asking them to register their businesses again.

The central bank said the new guidelines were meant to curb abuses by currency speculators and also tackle money laundering.

Traders said the naira should trade within the prevailing range in the week as the market anticipates dollar sales by the Nigerian National Petroleum Corporation.