The Central Bank of Nigeria on Tuesday
lowered the naira peg to 196.95 against the dollar from 196.90 it set last
week.
This made it the fourth time the CBN had adjusted the
peg since it was introduced in February.
This happened just as the naira tumbled further to 228
against the dollar at the parallel market on Tuesday from 265 on Monday.
Traders said the move might indicate that the bank was
beginning to think about how to loosen its currency regime.
.
Experts and analysts had said the naira might hit 230,
in coming weeks following the CBN new forex rule.
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