Nigeria's central bank to offer $100mn in forwards

LAGOS: Nigeria's central bank will offer $100 million in currency forwards on Thursday to be settled within 60 days, traders said, citing a notice from the bank.

The bank has been selling dollars on the official market to try to narrow the spread with the black market dollar/naira rate.

The local currency weakened on the black market on Thursday to 383 per dollar from 380 at its previous session. It was quoted at 305.90 on the official window after the central bank intervened with $1.5 million on the spot market.