The Central Bank of Nigeria (CBN) has settled $697m one-month outright currency forwards it sold in June at an exchange rate of 280 naira per dollar, one trader said on Friday.
According to Reuters’ report, the $697 million, part of $4 billion auctioned after the naira was floated last month to help clear a backlog of demand for dollars, was due for settlement on Friday, the trader said.
Outstanding forwards sold by the CBN also include $1.22 billion of two-month contracts and $1.57 billion due in three months.
The naira opened at a record low of 302.10 to the dollar on Monday, 0.69 percent weaker from its previous close, with $2.50 million traded.
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