The Central Bank of Nigerian on Wednesday promised to work towards gradual unification of exchange rates across all foreign exchange windows.
Nigeria operates a multiple exchange rate regime, which it has used to manage pressure on the currency and absorb the impact of an oil price crash.
But dollar shortages have plagued the economy after a Coronavirus Disease-induced oil price crash slashed government revenues and weakened the naira.
The CBN said the over-the-counter spot rate stabilised at N388 per dollar after it depreciated by about five per cent in March to N385 to absorb the impact of the oil price crash, adding that the official rate depreciated 18 per cent to N360.
The band between the official rate and the OTC spot rate has been narrowing, the bank said.
However, its dollar rationing policy has funnelled demand to the unofficial black market where the naira has hit new lows and created a wider gap.