LAGOS, AUGUST 25, 2016 – The central bank of Nigeria 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.
