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CBN weakens Naira to 307/Dollar for first time

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.

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

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About Delia Innoma

Delia Innoma is a prolific writer, promoter, artist manager with full professional proficiency in English, German and Igbo languages. She studied accounting and computer programming at the Institute of Management and Technology Enugu and Germany respectively. Delia is also a devoted mother of two and she founded the Diamond Celebrities Magazine. Her sense of responsibility and commitment to the Christian faith are essential forces driving her daily activities.

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