Naira trades at N361on official window

Naira opened weaker at N385 per dollar for the second day in a row, but it recovered to N361 on the official market after two trades, data from Refinitiv Eikon showed. The official market, backed by the central bank, traded in a similar manner, where it closed at N361 after falling 6.2%. 

Nigeria, Africa’s largest economy, has operated a multiple exchange rate regime used by the central bank to manage pressure on the naira. But dollar shortages have plagued the economy after the coronavirus-induced oil price crash slashed government revenues and weakened the local currency.

Finance Minister Zainab Ahmed said this week the country would seek to unify its multiple exchange rate regime to generate more local currency from its dollar inflows and manage the rate in a sustainable manner.