Nigeria’s naira eased by 6.2 percent against U.S. dollar on official market

Nigeria's naira eased by 6.2 percent against the U.S. dollar on the official market on Wednesday after the government moved to converge its multiple exchange rate regimes, according to a news report by naija247news.

The naira opened for trade at 385 per dollar on the market, supported by the central bank. It closed at 361 at its previous close, data from Refinitiv Eikon showed.

Traders have said that the government wants to generate more naira in exchange for dollars it earns from the sale of crude oil, Nigeria's main export, and sought to converge the currency to the over-the-counter spot market, where its trades more weakly.

The naira has been hitting new lows on the black and over-the-counter spot markets since March after the central bank adjusted its official rate, implying a 15 percent devaluation.

In a finance ministry document seen by Reuters on Wednesday, the Minister of Finance, Zainab Ahmed has said that the government would seek to unify the exchange rates to generate more naira from its foreign inflows and manage the rate in a sustainable manner.

It would also direct oil firms to sell dollars to the central bank as opposed to the state-owned petroleum corporation NNPC, Ahmed said, adding that the government would deregulate petroleum prices as part of measures to safeguard oil revenues.