Foreign exchange dealers in Nigeria have begun to prepare proposals in order to convince the Central Bank of Nigeria (CBN) to ease trading restrictions.

This was disclosed on Tuesday, May 12, 2015, by two members of Nigeria's Financial Market Dealers Association (FMDA).

The traders told Reuters that they were concluding proposals "to find a way to resolve the problem of liquidity and curb speculation."

The CBN, in February, placed limits on dollar sales in the interbank market in order to protect the naira, a step which has abruptly reduced liquidity in the market and prevented foreign investors from buying equities and bonds in Africa's biggest economy.

The naira dipped to a record low of 206.6 to the dollar in February leading the CBN to introduce the restrictions.

According to analysts, reducing the limits would likely lead to another decline of the currency.

The naira was trading at 197 to the dollar at the interbank market on Tuesday.