Nigeria’s central bank offers and receives $100 mln in forwards

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LAGOS, March 16  – Nigeria’s central bank on Thursday said it had offered and received bids for $100 million in currency forwards from authorised dealers in the interbank market.

Central bank spokesman Isaac Okorafor said the sales would be settled on Friday.

The bank has been selling the U.S. currency since February after it effectively devalued the naira for individuals offering them the dollar at half the rate obtained on the black market, in a bid to close the gap with the official rate.

Okorafor said no intervention was made by the central bank to meet requests for invisibles on Thursday.

But he added that the bank would “continue to make necessary interventions in the interbank market to meet all legitimate transaction-based foreign exchange demands”.

The naira was closed at 306 to the dollar on the official market on Thursday, while it was quoted at 453 on the black market.

 

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