Economics
Nigeria's Central Bank Signals Weaker Official Naira
- Central bank stops publishing near-fixed rate on website
- Nigerian customs weakens naira rate for tariff, shippers say
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The Central Bank of Nigeria signaled it will allow the naira to weaken past its official rate as it gradually unwinds its regime of multiple exchange rates, data on its website shows.
The Abuja-based central bank stopped publishing the fixed naira exchange rate on its website and it now says that the rate will be “market-determined.’’ The central bank used to have an official rate as strong as 305 naira per dollar. That rate was used to ensure that some traders including, fuel importers, got cheap dollars.