RADP / Pulse Nigeria > News > business

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

folarin okunola

July 25, 2016 5:15 PM

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.

Central Bank Governor Godwin Emefiele speaks during the monthly Monetary Policy Committee meeting in Abuja, Nigeria January 26, 2016. REUTERS/Afolabi Sotunde

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.

folarin okunola

Enhance Your Pulse News Experience!

Get rewards worth up to $20 when selected to participate in our exclusive focus group. Your input will help us to make informed decisions that align with your needs and preferences.

I've got feedback!