By InvestAdvocate

Lagos (INVESTADVOCATE)-The Central Bank of Nigeria (CBN) on Thursday adjusted the exchange rate to N197 to a dollar from N196.95 it set last week, according to a Reuters report quoting data on the bank’s website.

The report says this is the fifth time an adjustment has been made by the CBN to the naira since February itintroduced a tight controls on the foreign exchange market when it said at the time it would sell dollars only at N198 to customers through the interbank based on direct orders by banks.

The report says the naira traded at N199.50 to the dollar on the interbank market  compared with the 197 per dollar rate it closed at on Wednesday.

According to the report, the naira at the black market came down to N243, down 0.83 percent from the previous day.

It said the continuous decline of the Nigerian local currency to the greenback in the parallel market followed the introduction of new measures by the CBN in June, restricting access to hard currency at the interbank in a bid to conserve dwindling foreign exchange reserves.

The report quoted dealers as saying the outcome of the Monetary Policy Committee (MPC) meeting of the Nigeria’s apex bank due on Friday could affect the naira.