ABUJA: Nigerian naira resumed trading on the official market at 381 to the dollar after no quotes for two straight sessions, as the central bank unified the country's multiple exchange rates.
The central bank has been under pressure both from the World Bank and International Monetary Fund for currency reforms, in order to qualify for budget-support loans, and from the Nigerian government, to get more naira for its crude oil receipts. The World Bank is expected to approve a $3 billion budget- support loan for Nigeria in the coming months.
No quotes were available on the naira on the official market since Monday after the central bank last week weakened the currency at an auction. It later lowered the official rate by 5.5% from 360 on Tuesday.
Traders said the central bank sold $100,000 at 380.50 naira on Wednesday on the official market.
The naira traded lower on Wednesday at 387.32 on the over-the-counter spot market, widely used by investors and importers. It weakened to 460 on the black market.