The Naira eased 5.5% on the official market on Tuesday, after the Central Bank of Nigeria sold dollars to lenders at a lower rate, succumbing to pressure from international lenders to unify the national currency’s multiple exchange rates.
A news report monitored on Reuters.com indicated that the latest move by the monetary authorities on the currency exchange rates was the second adjustment in six months. In March, the bank adjusted the official rate by 15%.
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At the close of trading yesterday, traders were quoted as saying that the Naira eased to 380.50 in off-market trades, from 360.50 close the previous day.
Although no official statement was issued by the apex bank on the forex rate trend, Refinitiv Eikon data showed that no quotes for the Naira were available on the official market during regular trading for the second straight session, after the apex bank last week depreciated the currency at an auction.
The CBN had asked lenders on Friday to bid for dollars at 380 Naira per dollar, 5.3% above its official rate.
The Naira traded at 387.70 on the over-the-counter spot market, widely used by investors and importers, while it was quoted weaker at N460/$ on the black market.
It would be recalled that pressures from the World Bank and International Monetary Fund had been mounting on the Nigerian government to merge the Naira exchange rates.
According to reports, the Minister of Finance, Budget and National Planning, Zainab Ahmed had also pushed for uniform rate to generate more funds from crude oil export earnings in order to bridge budget deficit in the current fiscal year.
