Nigeria's naira weakens vs dollar in NDF market ahead of new FX regime

LONDON: Nigeria's naira slipped across the curve against the dollar in non-deliverable forward markets on Monday, with one-month contracts hitting a fresh record on before the introduction of a new foreign currency regime later in the day.

One-month non-deliverable forwards showed the naira weakening to 305 per dollar, while the two-month contract traded at 310 per dollar - matching a record it hit on Friday.

The one-year contract showed the naira at 351 to the dollar .

Nigeria said it would abandon its 16-month-old dollar peg and move to a "managed float" on Monday in a move that could see the naira lose around a third of its value when market trading begins.