ABUJA, Nov 6 - Nigeria's naira firmed to 1,000 per dollar on the black market on Monday, online platform abokiFX showed, recovering from a record low of 1,300 naira, after the central bank started to clear outstanding currency forwards owed to banks.
The central bank last week said it had started clearing outstanding foreign currency forwards owed to banks, with banking sources saying an initial payment of $1 billion had been made. The naira has been under pressure from past due obligations. The central bank has not intervened on the official market since October, helping accelerate the naira's slide on the black market.
South Africa South Africa Latest News, South Africa South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Global funds dumped another $3 billion in China stocks in October -Morgan StanleyMarket News
Read more »
Stock market news today: US futures tick up with Fed hopes still in playConfidence that the Fed is done with rate hikes is still encouraging investors into stocks.
Read more »