Nigeria central bank permitted the naira to weaken by about 2% on the official market to a record low, despite its rate remaining above the levels at the bank auctions and on the black market. This move broke the previous band of 460 to 467 naira to the dollar. The bank has been gradually adjusting the naira’s value on the official market to prevent a significant devaluation. Nigeria’s USD earnings and reserves are diminishing, and the government’s use of multiple exchange rates to manage foreign currency supply and demand has led many residents to the black market, where the naira is approximately 40% weaker.