The Nigerian currency eased 1.3 per cent against the United States dollar on the official market on Friday, a day after the central bank said it planned to resume forex sales to retail currency operators.
The naira opened for trade at 385.50 per dollar on the market, supported by the Central Bank of Nigeria. It later recovered to close at 381 per dollar, where it had been stuck since July.
The CBN, in a circular on Thursday, said it would restart dollar sales to bureau de change operators from August 31 after it had suspended auctions in March due to the Coronavirus Disease-induced lockdown and after a 15 per cent devaluation.
It said retail traders could not resell dollars bought from the bank at more than N386.
The bank moved to unify the rates this month, bowing to pressure from international lenders to merge its multiple exchange rates, eliminating arbitrage, which has cost the country billions in reserves as it tried to defend the naira.
It was not clear whether the apex bank carried out the opening trade of N385.50 per dollar.
With the early deal, the naira traded close to the over-the-counter spot market, widely quoted by investors and importers. But it was still 20 per cent weaker in the black market patronised mostly by individuals at N477.
The naira forward traded in London for the one-year settlement rose 3.64 per cent to 478 on Friday.
