Sunday, June 23, 2024
Business

Nigeria's Currency Futures Market at Standstill as Naira Swings – Bloomberg

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A customer withdraws Nigerian naira banknotes.
More than a month after Nigeria’s central bank dropped the naira’s peg against the dollar, the country’s market for exchange-traded futures has ground to a standstill as wide fluctuations in the local currency deter traders.
The naira has traded between 742 and 804 per dollar since June 15, the day after the Central Bank of Nigeria said it would allow the currency to trade freely in the so-called investors and exporters window, with the daily fixing on the FMDQ Exchange recognized as the official exchange rate.

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