UPDATE 3-Nigeria lets naira weaken in possible move to unify exchange rates

* Naira hit a record low of 419.75 against dollar
* Currency falls on black market -traders
* Nigeria inflation and Q1 GDP data eyed
* Central bank to set rates later this month

(Adds closing rate, central bank comment)
By Chijioke Ohuocha
ABUJA, May 14 (Reuters) - Nigeria let the naira weaken to a
record low against the dollar on the official market on Friday,
according to traders, who said this could be a move by the
central bank to unify multiple exchange rates.
Having traded within a band of 380 and 381 to the dollar
since July last year, the naira hit a record low of 419.75
against the dollar on Friday. It then closed at 411.25 -- the
last closing rate for the naira on the over-the-counter spot
market NAFEX=FMDQ .
The central bank did not respond to calls for comment and no
quotes have been available on the naira's official rate since
Tuesday. It weakened further on the black market, traders said.
NGNFX=BDCN . "What the central bank is saying is that the (OTC) spot rate
will be the official rate because that's where the largest
volumes trade," one currency trader at a major Nigerian bank
told Reuters.
Nigeria operates multiple currency regimes, which frustrate
businesses and have prompted calls from the World Bank for the
rates to be unified to attract investment.
Rising dollar demand has put pressure on the naira as
providers of foreign exchange, such as offshore investors,
exited after the COVID-19 pandemic triggered a fall in global
oil prices.
Central Bank Governor Godwin Emefiele in February said the
currency was trading at 410 naira on the official market while
the government has been using that rate for its business as it
tries to boost earnings from crude sales, its main export.
The World Bank has linked approval of a $1.5 billion budget
support loan to currency reforms.
The central bank had been trying to unify the rates and
boost the dollar supply through direct interventions. It revised
the futures rate on the naira upwards last month to ease
pressure on the currency after quoting the 150-day futures
contract at 435.81 naira, in its first dollar sales to foreign
investors this year.
The bank is due to hold its interest rate setting meeting
later this month with economic data on inflation and first
quarter growth figures expected from next week.
It has kept rates on hold to support the economy hobbles by
lower oil prices and impact of COVID-19 pandemic but dollar
shortages have been contributing to rising inflation, a key
source of concern for the central bank.