Nigeria shortens FX settlement period as naira collapses -traders

0
467

LAGOS, April 10  – Nigeria’s central bank plans to sell shorter-dated dollar forwards to inject liquidity into the official market and try to support the naira, traders said on Monday.

The local currency has weakened on both the official and black markets.

The bank will auction $100 million on Monday to be settled between one week and 30 days, as against sixty-day contracts it had written previously.

The naira fell to 328.50 per dollar on the official market on Monday with only $80,000 traded. The currency has slid past 400 naira on the black market.

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here