Nigeria’s five-year naira futures slide past 550 after CBN weakens currency as stocks jump 1.28%

Godwin Emefiele, Governor, Central Bank of Nigeria.

ABUJA, May 7 (Reuters) – Nigeria’s five-year naira futures slid past 550 to the dollar on Thursday after the Central Bank weakened the currency on the derivatives market across maturities, traders said.

The apex 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.

Meanwhile, Nigerian stocks rose for the eight session on Wednesday, up 1.28% after oil price climbed above $31 a barrel on hopes for a recovery in demand as some countries ease coronavirus lockdowns.

Banking shares lead the charge on Wednesday rising 4.92 per cent followed by consumer goods stocks up 2.18%. The main index climbed to 24,117 points to stay at an eight-week high it reached previous session.

Leave a Comment