Posted by News Express | 11 January 2017 | 4,192 times
The naira is expected to weaken further in the forwards market, despite measures by the Central Bank of Nigeria to mitigate the situation in the forex market.
A Bloomberg report shows the six-month contracts declined to their lowest level since September last week as crude oil advanced by 20% after the Organisation of Petroleum Exporting Countries (OPEC) agreed to a production cut in November.
A drop in forwards could be a sign of growing confidence in a nation’s economy and currency, but not this time.
However, the naira closed flat at 493 against the dollar at the parallel market on Monday.
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