Nigeria: CBN to offer $150 mln in currency forwards
Monday, 03 April 2017 21:00
The Central Bank of Nigeria (CBN) on Monday revealed plans to offer $150 million in currency forwards. This is to be settled within 60 days, according to currency traders.
CBN has been selling dollars on the FOREX market so as to reduce the gap between the official and black market exchange rates.
The naira was sold at 395 to the dollar on the black market on Monday compared to the N390 per dollar last week Friday. Despite talks by the apex bank to sell dollars to the Bureau de Change operators to support the value of the naira, the local currency has eased on the black market since Friday.
Anita Fatunji
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