Market News
Nigeria's naira hits new lows vs dollar on forwards markets - REUTERS
Nigerian non-deliverable currency forwards fell across the curve to a new record low against the dollar on Tuesday
Nigerian non-deliverable currency forwards fell across the curve to a new record low against the dollar on Tuesday, mirroring falls on the official spot market, LSEG data showed.
The naira fell to a low of 1,602 per dollar on the official spot market on Tuesday, while it hit record lows on the forwards market, which quoted the currency at 1,652.50 to the dollar in one month's time.
Other maturities on the forwards market on Tuesday also fell, with traders quoting the currency as low as 1,840.36 naira per dollar in a year's time.
Africa's biggest economy has suffered from severe dollar shortages in its foreign exchange market which has seen the official exchange rate drift towards the unofficial parallel market level.
The currency was quoted at 1,800 naira on the parallel market on Tuesday.
(Reporting by Chijioke Ohuocha; Editing by Kirsten Donovan)
