Nigeria’s five-year naira futures slide past 550 after cenbank weakens contract -traders

Nigeria’s five-year naira futures slid past 550 to the dollar on Thursday after the central bank weakened the currency on the derviatives market across maturities, traders said.

According to a report by Reuters, the bank weakened the currency on average by 73 naira across tenors, traders said, with the one-year maturity revised by 27 naira. The 5-year naira future weakened to 569 per dollar, traders said, from 413 naira in the previous session.

This is a developing story. Details later …