The Central Bank of Nigeria has adjusted the naira’s exchange rate peg to N197 against the dollar from the N196.95 it set last week, data on the bank’s website showed.
The latest adjustment is the fifth since the bank introduced tight controls in the foreign exchange market in February.
The bank said at the time it would sell dollars only at N198 to customers through the interbank market based on direct orders by banks. The local currency traded at N199.50 to the dollar on the interbank on Thursday, compared with the N197 per dollar rate it closed on Wednesday.
At the parallel (black) market, the naira depreciated to N243 to a dollar, down 0.83 percent from the previous day.
The persistent decline of the naira in the parallel market followed the currency controls imposed by the central bank last month; Reuters quoted dealers as saying that the outcome of a monetary policy committee (MPC) meeting of the central bank due today could affect the naira.
A Reuters poll showed the bank could hold interest rates for now.
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