CBN to offer $100 mln in forwards -traders

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LAGOS, March 30 (Naija247news) – Nigeria’s central bank will offer $100 million in currency forwards on Thursday to be settled within 60 days, traders said, citing a notice from the bank.

The bank has been selling dollars on the official market to try to narrow the spread with the black market dollar/naira rate.

The local currency weakened on the black market on Thursday to 383 per dollar from 380 at its previous session. It was quoted at 305.90 on the official window after the central bank intervened with $1.5 million on the spot market.

 

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Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA). He currently lives in Manhattan New York

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