LAGOS May 8 Nigeria's central bank plans to
offer $100 million in forwards at an auction on Monday to
improve liquidity on the currency markets but did not disclose
the settlement period, traders said, citing a memo from the
Traders said the dollar auction would be both for spot and
forward settlements and have to be backed by customer demand.
The central bank has been intervening aggressively since
February to try to narrow the spread between the official and
black market rates and has sold more than $4 billion. In theory,
greater liquidity should lead the rates to converge.
The naira was quoted weaker on Monday at an investor trading
window, at 381.11 per dollar, data from market regulator FMDQ
OTC Securities Exchange showed. The official market rate was
306.20 and the black market rate 391.
(Reporting by Oludare Mayowa; Editing by Chijioke Ohuocha and