Business UPDATE 1-Nigeria central bank weakens naira to 307/US$ for first time

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LAGOS, Dec 4 (Reuters) – Nigeria’s central bank on Monday weakened the naira marginally, selling dollars at 307 Naira each for the first time on the official interbank market, in what traders say could signal a gradual move to merge its multiple exchange rates.

Nigeria’s convoluted exchange rate system has been used to manage what the central bank described as “frivolous” demand for dollars at the peak of a currency crisis which began two years ago.

(Reporting by Chijioke Ohuocha; Editing by Toby Chopra)

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