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Nigerian central bank offers $100 mln in currency forward – Reuters

HomeNewsNigerian central bank offers $100 mln in currency forward – Reuters
06
Apr
Nigerian central bank offers $100 mln in currency forward – Reuters
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    Alex Ikechukwu
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LAGOS, April 6 (Reuters) – Nigeria’s central bank will offer $100 million in currency forwards on Thursday, to be settled within 60 days, currency traders said, quoting a notice from the bank.

The bank has been selling dollars to try to narrow the spread between the naira’s official and black market exchange rates.

The currency was quoted at 398 to the dollar on the black market on Thursday, the same level it closed the previous day. Commercial lenders had yet to put up a quote by 1127 GMT.

On Wednesday, the central bank offered an additional $10,000 to bureaus de change besides the earlier one disbursed on Tuesday, making it a total of $20,000 per week to each member.

(Reporting by Oludare Mayowa; Editing by Angus MacSwan)

 


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