Citi trades first naira-settled FX futures with Nigerian cenbank

June 29, 2016 1:07 PM

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LAGOS, June 29 Nigeria's central bank and Citibank on Wednesday executed the country's first naira-settled futures trade against the dollar, market regulator FMDQ OTC Securities Exchange said.

On Monday the central bank introduced an over-the-counter futures market on the currency, to help manage dollar demand, quoting the naira firmer at 279 to the dollar in a month's time and at 210 naira by April next year.

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