The Central Bank of Nigeria, CBN, on Monday, December 4, weakened the Naira marginally, selling dollars at N307 for the first time at the official interbank market.
Following this development, currency traders have expressed optimism that the apex bank will eventually merge its multiple exchange rates.
Experts have advocated for the merging of multiple exchange rates, stating that it encourages round tripping.
The bank has sold $500,000 almost on daily basis on the official spot market since creating several exchange rates to alleviate dollar shortages.
However it had sold the currency at rates of between N305 and N306 for months before Monday’s move.
“It’s possible the central bank is working towards a gradual convergence of rates,” one trader told Reuters.