Nigeria to Start Currency Futures Trading, Bank Says
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Nigeria will start foreign currency futures trading with auctions to be conducted as much as three months forward, the Abuja-based Central Bank of Nigeria said in a statement posted on its website today.
Under the guidelines, the central bank will conduct the auctions twice a week with three tenors of 1, 2 and 3 months, according to the statement. The minimum allowable bid by an authorized dealer for each tenor will be $500,000, it said.