UPDATE 2-Nigerian naira around 410 per dollar at official window -central bank

(Adds naira derivatives)
By Chijioke Ohuocha
ABUJA, Feb 26 (Reuters) - The Nigerian central bank said on
Friday that the naira was hovering around 410 per dollar at the
official window compared to 360 naira last March, as the
currency adjusts to dollar shortages following a fall in foreign
investment and oil prices.
Nigeria adjusted the exchange rate last year, after an
official devaluation in March, in an attempt to align multiple
quoted currency rates. But the naira has continued to weaken
this year, mirroring weaknesses on the derivatives market.
One Nigerian trader said few trades were done at 412 naira
on Friday as spreads widened due to thin liquidity. The futures
market quoted the naira at 419.08 per dollar in one-month time
while the one-month forwards NGN1MNDFOR= stood at a record low
of 417 naira.
The currency dropped on the black market to 482 per dollar,
from 480 where it has been changing hands so far this week.
Central Bank Governor Godwin Emefiele, addressing bankers at
an online meeting on Friday, said the bank was managing demand
for foreign currency in order to improve local production and
conserve reserves.
He added that reserves of more than $35 billion were
sufficient to cover more than seven months of imports, compared
with the recommended three months' cover.
Nigeria operates a multiple exchange rate regime used by the
central bank to manage pressure on the naira. But dollar
shortages have plagued the economy after COVID-19 induced oil
price crash slashed government revenues and weakened the naira.
Traders said the bank has yet to sell dollars to foreign
investors seeking to repatriate funds this year.
The International Monetary Fund this month urged the central
bank to reduce its interventions in the spot market and allow
for greater adjustment in the exchange rate to eliminate the
premium on the black market, where the naira trades more freely.
The central bank did not agree with the need for additional
exchange rate adjustments, adding that further exchange rate
depreciation would stoke rising inflation.