Nigeria's central bank weakened its exchange rate peg slightly to 197 naira to the dollar on the interbank market on Thursday from 196.98 it set on Monday, traders said.
Traders said the regulator sent a message announcing the adjustment which is the ninth since the bank introduced tight currency controls in February.
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| Emefiele, CBN Gov |
"The central bank sent a broadcast today advising us on its buy and selling rate on the interbank market at its intervention session," one dealer said.
The bank has resisted calls to further devalue the naira in the face of a plunge in vital oil revenues. It devalued the currency last November and later pegged the exchange rate in another de facto devaluation.
But the bank has continued to intervene at the interbank market periodically to provide forex liquidity support for the local currency. It also sells dollars twice-weekly to the bureau de change operators as part of bids to support the naira and narrow the gap between the official forex and parallel market.
The local currency traded at 225 to the dollar on the parallel market on Thursday, slightly weaker than 224 traded on Monday.
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