The Central Bank of Nigeria (CBN) on Monday weakened the Naira marginally, selling dollars at N307 each for the first time on the official interbank market, in what traders say could signal a gradual move to merge its multiple exchange rates.

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.
Experta have called for the scrabbling of the multiple exchange rate, arguing that it encourages round tripping.

hardywaltz:
CBN should remove the N360/$ exchange rate at the interbank and allow the Naira appreciate to N330/$

python1:

The best comment so far on the thread as far as I'm concerned. Those akamu brains talking about general price levels of commodities should have known that this is how the price can come down. Left for me, 330/$ is even too high, it should be brought down to the official rate of 306/$.

ManirBK:
good development Buhari is working

ManirBK:
good development Buhari is working

SalamRushdie:


Are educated at all , can you read and comprehend? I am worried for you Manir

ManirBK:
pls why positive stuff irritates you?

Michaelpresh:
Will it ever come down to The rate of N1 per dollar??