Nigeria, Sept. 17 -- The Central Bank of Nigeria says it will not reverse its decision to ban the sales of foreign exchange to Bureaux De Change (BDCs) after the move apparently pushed the naira into an unprecedented fall.

Naira on Friday plunged to N570 against the dollar, from about N520 it sold two weeks ago at the parallel market. The currency has fluctuated at the official market with an average of N411.

The fall at the black market followed the stoppage of forex sales to registered money changers who the CBN has accused of fraud and round-tripping.

The fall has fueled price instability as many businesses rely on the black market for dollar sales, even though the CBN has said banks have been asked to meet all legitimate requests....