Nigeria’s naira is seen weaker on the black market as demand shifts to the unofficial market after the central bank this week told lenders to stop processing new trade documents for maize imports, traders said.
The naira is quoted on the unofficial market at 470, weaker from 465 per dollar the previous session. The central bank last week adjusted the naira by 5.5% to 380 naira on the official market, close to the over-the-counter spot market, widely used by investors and importers.
The bank has been under pressure from the World Bank and the International Monetary Fund to carry out currency reforms to qualify for budget-support loans, and from the Nigerian government to get more naira for its crude oil receipts.
The central bank this month unified its multiple exchange rates to ease forex shortages that have plagued the country for months, traders said, adding that dollar supplies had yet to improve.