CBN adjust Foreign Exchange peg again as Naira falls in black market

The Central bank of Nigeria adjusted its exchange rate peg on Thursday to 197 naira against the dollar from the 196.95 it set last week, data on the bank's website showed.

The adjustment is the fifth since the bank introduced a tight controls on the foreign exchange market in February. The bank said at the time it would sell dollars only at 198 naira to customers through the interbank based on direct orders by banks.

The local currency traded at 199.50 to the dollar on the interbank market, compared with the 197 per dollar rate it closed at on Wednesday.

At the parallel market, the naira slid to 243, down 0.83 percent from the previous day.

The persistent decline of the naira in the parallel market followed the introduction of new measures by the central bank last month, restricting access to hard currency at the interbank in a bid to conserve dwindling foreign exchange reserves.

Dealers said the outcome of a rate-setting meeting of the central bank due on Friday could affect the naira.