Nigeria will offer foreign currency futures trading with auctions to be conducted up to three months forward, said the Central Bank of Nigeria, Bloomberg reports. The central bank will carry out the auctions twice a week with three tenors of one, two and three months.
The minimum permitted bid by an authorized dealer for each tenor will be $500,000. The foreign-exchange reserves of Nigeria fell by about $10 billion in the year through November 29 to $33.1 billion as the central bank used the funds to defend the naira.
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