Nigeria central bank to offer $150mn in currency forwards

LAGOS: Nigeria's central bank will offer $150 million in currency forwards on Monday, to be settled within 60 days, currency traders said, citing a notice from the bank.

The bank has been selling dollars to try to narrow the spread between the naira's official and black market exchange rates.

The local currency was quoted at 395 to the dollar on the black market on Monday, against 390 at close on Friday, with commercial lenders yet to put up a quote by 1146 GMT.

The currency of Africa's biggest economy has eased on the black market since Friday even though the central bank has said it will sell dollars to bureau de change operators to support the value of the naira.