CBN Apex bank has settled $697 million one-month forward at 280 - Trader

The $697 million, part of $4 billion auctioned after the naira was floated last month to help clear a backlog of demand for dollars, was due for settlement on Friday, the trader said.

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Central Bank Governor Godwin Emefiele speaks during the monthly Monetary Policy Committee meeting in Abuja, Nigeria January 26, 2016. REUTERS/Afolabi Sotunde play Central Bank Governor Godwin Emefiele speaks during the monthly Monetary Policy Committee meeting in Abuja, Nigeria January 26, 2016. REUTERS/Afolabi Sotunde
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Nigeria's central bank has settled $697 million of one-month outright currency forwards it sold in June at an exchange rate of 280 naira per dollar, one trader said on Friday.

The $697 million, part of $4 billion auctioned after the naira was floated last month to help clear a backlog of demand for dollars, was due for settlement on Friday, the trader said.

Outstanding forwards sold by the central bank also include $1.22 billion of two-month contracts and $1.57 billion due in three months.

The naira opened at a record low of 302.10 to the dollar on Monday, 0.69 percent weaker from its previous close, with $2.50 million traded.

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