Naira plunges further against dollar as 3rd OTC Futures contract matures – NAN

Dollar to Naira

The Naira on Wednesday continued its free fall against the dollar just as the 3rd OTC Futures Contract settled notionally at $180 million, the News Agency of Nigeria reports.

At the parallel market, the naira exchanged between N460 and N490 to the dollar, while Pound Sterling and the Euro exchanged between N452 and N570 and N488 and N570 on Tuesday.

Trading at the Bureau De Change showed that the naira closed at N460, N570 and N490 against the dollar, Pound Sterling and the Euro from N448, N562 and N488.

The naira closed at N312 to the dollar at the official interbank market.

Traders at the market expressed concern that the scarcity of forex was positioning the naira on a downward trajectory.

Meanwhile, available data from the FMDQ/OTC Naira trading platform showed that the 3rd OTC Futures Contract settled notionally at $180 million.