CBN settles $152m of Naira futures contract, enters new 12-month contract

CBN hq

The central bank of Nigeria (CBN) has settled $152.48 million of naira futures contracts it sold in June at an exchange rate of 279 naira per dollar, market regulator FMDQ OTC Securities Exchange said.

The bank also entered a fresh 12-month contract at 241 per dollar due on Aug. 16, 2017.

In June, the central bank introduced an over-the-counter futures market on the currency, to help manage dollar demand, quoting the naira at 279 to the dollar in a month’s time and at 210 by April next year.

The local currency closed at 305.50, the level it has closed at since Monday.

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