Nigeria's Central Bank asked to unify the multiple exchange rates

Exchange bureaus in Nigeria have asked the central bank to step up efforts to unify the country's multiple exchange rates to sustain gains in the local currency. Africa's biggest economy has at least six exchange rates. These include one for Muslim pilgrims going to Saudi Arabia, a retail rate set by licensed exchange bureaus, and a rate for foreign travel and school fees, in addition to the official and black market rates. Nigeria is battling a currency crisis brought on by low oil prices which tipped its economy into recession and created chronic dollar shortages. It wants to attract foreign investors and strengthen its currency to ward off inflation. The central bank has been intervening on the official market in the last few weeks to try to narrow the spread between rates on the official market and black market.