Apex bank amends naira/dollar rate to 196.95

The Central Bank of Nigeria (CBN) has adjusted the naira-dollar exchange rate to 196.95 to the dollar from 197.

The move, according to analysts, might signify that the CBN is making plans on how to relax its currency regime.

Dealers in the country however said that the change is too small to be called a revaluation, according to Reuters .

The naira initially traded at 198.95 to the dollar on the interbank market on Thursday, before two sales amounting to $36.4 million were done at 196.95 naira.