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Nigeria’s Central Bank has teamed up with Citibank to implement a new offering of foreign exchange (FX) futures contracts, constituting the country’s first naira-settled futures trade against the US dollar, per a recent statement from market regulator FMDQ OTC Securities Exchange.
The inaugural trade follows after an earlier introduction of an over-the-counter (OTC) futures market on the currency earlier this week, in a bid to help oversee and manage the country’s USD demand. As such, the bank is looking to firm up the exchange rate, targeting 279 per USD within one month and 210 naira per USD by April 2017.
The futures ... (read more)