Nigeria’s naira was quoted at 253 against the U.S. dollar as a new interbank market opened today, Monday.

A dealer said that “the market companies had been holding off bids since the new interbank market started at 9 a.m. as they were unsure of the new system’s liquidity”.

Nigeria’s central bank said last week that it would scrap its fixed exchange system which has seen the currency pegged at 197 to the U.S. dollar for the past 16 months.