Nigeria’s central bank offers 5-year naira-futures contract for first time

Nigeria’s central bank has introduced longer-term contracts on the naira in a move to attract more foreign inflows, shore up its dwindling dollar reserves and prevent the currency from weakening, traders said on Thursday.

The bank has kept the naira stable even as oil prices drop and foreign investors’ book profits on local bonds in response to falling yields. It operates a multiple exchange rate regime that it has used to manage pressure on the currency. Reuters

Pix: Nigeria Central bank headquarters, Abuja