The Central Bank of
Nigeria on Tuesday sold dollars at N306 for the second time, after maintaining
a level around 305/dollar on the official spot market for two months, traders
said.
The move was minor, to signal a change in foreign exchange
policy, traders said, according to a Reuters report.
The bank last sold dollars at N306 on the spot market in
September and had sold the currency as low as 306.65 in July.
Dollar shortages had
gripped the economy as crude sales, Nigeria’s mainstay, plunged at the start of
an oil price rout in 2014.
This triggered a recession last year and frustrated
businesses, which had to find dollars on the black market as a result.
To try to resolve the currency crisis, the CBN has set up
at least different six exchange rates, after devaluing the currency for retail
users in February and allowing foreign investors to trade the naira at
market-determined rates.
The naira was quoted at around 360/dollar for investors,
near the parallel market rate and at a level at which it has traded for more
than a month.
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