CBN has Settled $697m One-Month Forward at 280 –Trader

Nigeria's central bank has settled $697 million of one-month outright currency forwards it sold in June at an exchange rate of 280 naira per dollar, one trader said on Friday.

The $697 million, part of $4 billion auctioned after the naira was floated last month to help clear a backlog of demand for dollars, was due for settlement on Friday, the trader said.

Outstanding forwards sold by the central bank also include $1.22 billion of two-month contracts and $1.57 billion due in three months.

The naira opened at a record low of 302.10 to the dollar on Monday, 0.69 percent weaker from its previous close, with $2.50 million traded.