Markets

Nigerian naira firms in longer-dated NDF market

Published June 21, 2016 Updated June 21, 2016 09:42am

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.

Copyright Reuters, 2016