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.

(Channels TV)