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Nigeria's naira firms on black market, central bank settles FX forwards

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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.

 

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