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Nigeria’s central bank to offer $100 mln on forward market -traders – Reuters

HomeNewsNigeria’s central bank to offer $100 mln on forward market -traders – Reuters
  • CBN
02
May
Nigeria’s central bank to offer $100 mln on forward market -traders – Reuters
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    Alex Ikechukwu
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LAGOS May 2 (Reuters) – Nigeria’s central bank plans to offer $100 million in currency forwards on Tuesday for settlement in between one week and 45 days, traders said.

The bank, which has been intervening on the spot and forward markets to meet demand, said that all dollar allotments must be backed by demand from customers.

The naira was quoted weaker on the trading window for investors at 380.31 per dollar on Tuesday, data from market regulator FMDQ OTC Securities Exchange showed.

The official interbank market rate was 305.85 and it was at 390 on the black market. (Reporting by Oludare Mayowa; Writing by Chijioke Ohuocha; Editing by Catherine Evans)

 


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