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ABUJA, Feb 3 (Reuters) - Nigeria's central bank weakened the
naira on the futures market across maturities, exchange data
showed on Wednesday, as the currency dropped to a record
intra-day low on the over-the-counter spot market.
The currency has been losing ground on the derivatives
market, mirroring weaknesses on the spot and black markets,
where the naira trades more freely.
The longest five-year naira futures contract weakened to
record low of 630.30 naira while the contract with three-weeks
to maturity eased 7.01 naira to 412.14 naira, exchange data
showed.
The currency eased on the non-deliverable forwards market,
with the one-month contract quoted at 406.50 naira on Wednesday
after it opened at 399 naira.
Dollar demand has been growing from importers and foreign
investors seeking to repatriate funds, piling pressure on the
naira. Nigeria repaid a $500 million eurobond last week.
The naira dropped to a record intra-day low of 416.95 per
dollar on the over-the-counter spot market. It traded at 480
naira on the black market, a premium of 20% to the official rate
of 381 naira set by the central bank last July.