Nigerian naira firms in longer-dated NDF market

LONDON: Nigeria's naira firmed against the dollar across longer-dated contracts in non-deliverable forward markets on Tuesday, following the introduction of a new foreign currency regime.

One-year dollar/naira non-deliverable forwards were quoted at 344 - a 2 percent fall from the Monday's close. The nine-month contract matched that fall to venture as low as 332 per dollar while the six-month contract eased 3 percent to 320.

On Monday, the central bank removed its currency peg in an effort to alleviate the chronic foreign currency shortages choking growth in Africa's biggest economy.