The Central Bank of Nigeria (CBN) on Monday weakened the Naira marginally for the first time on the official interbank market. Although the Bank had sold the Naira between N305 and N306, yesterday, the Naira traded for N307 in what investors believe could be targeted at a gradual move to merge its multiple exchange rates.
A trader who spoke to Reuters was quoted as saying “It’s possible the central bank is working towards a gradual convergence of rates.” Prior to this time, experts had called on the CBN to scrap the prevailing multiple exchange rates as the situation encourages round tripping.
According to Dailytrust, the bank has sold $500,000 almost on daily basis on the official spot market since creating several exchange rates to alleviate dollar shortages.
