The naira traded at N307 to the dollar on Monday for the first time ever, information made available on the Central Bank of Nigeria’s website has shown.
Before now, the CBN kept the naira stable at N305 and provided forex for various sectors of the economy to ease the pressure on the naira.
A year ago, the CBN rate was N197.
At present, there are at least five exchange rates in the country: the official CBN rate, BTA rate stipulated by CBN for banks, parallel market rate, investors and exporters window and the interbank rate.
On the international market, the naira exchanged at N359 to a dollar and traded at N362 at the parallel market.
Godwin Emefiele, CBN governor, had assured that the bank would work towards achieving convergence across the market.
In a bid to ease pressure on the naira, the bank directed banks to open a section to provide forex for basic travel allowance, medical tourism and tuition.
The bank also opened an investors and exporters window to provide forex for businesses and ease the pressure on the naira.