The Central Bank of Nigeria, CBN has settled the USD152.48 million of Naira futures contracts it sold two months ago which matured on Thursday, August 25, at an exchange rate of N279/ USD1.
The apex bank was able to make the settlements despite the current volatility in the currency market that has left the Naira unstable at both the parallel and interbank market. It also executed a fresh 12-month contract at N241/USD1 which is scheduled to mature on August 16, 2017.
Meanwhile Exchange rates from the Central Bank of Nigeria rate for the Naira remained fairly stable to the Dollar, selling at N305 compared to Wednesday’s N305.5.
The Pounds Sterling was sold for N402.2 in contrast to Wednesday’s N404.2, while N344.2 was exchanged for one Euro with little difference from N344.3 it was exchanged for yesterday.
