In the United States, it's common.
People named "Raymond" are often known by the nickname "Ray."
According to one list, "Raymond" is the 36th most common male first name, and there are more than 1.5 million people with that name.
For comparison, my name, "Daniel.", is the 12th most common, and there are 3.2 million people named "Daniel." The most common of all is "James," and there are 10.8 million people named "James."