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ABUJA: Nigeria’s naira fell to a record low on the futures market for the five-year settlement and weakened sharply against the dollar on the spot market, traders said, on Thursday, its last trading session for 2020.
The naira was quoted at 470 on the black market, where it trades more freely, at a premium of 19% to the bank’s official rate of 381 set in July. It hit 608.10 naira to the dollar for the five-year settlement on the futures market.
The central bank weakened the currency on the derivatives market, traders said, after the naira eased 4.2% on the over-the-counter spot market, widely quoted by foreign investors and exporters. It also eased on the forwards market.