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CBN Injects $210mn Into Currency Market | The Precision

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CBN Headquarters

The Central Bank of Nigeria (CBN) said on Tuesday it had
injected $210 million into the interbank foreign exchange market,
extending efforts to improve liquidity and alleviate dollar shortages.

The
apex bank said in a statement it had released $100 million earmarked for the
wholesale market, $55 million for small businesses and individuals, and
$55 million for certain dollar expenses such as school fees and medical
bills. 
It said it was “ready to inject funds into the market,
whenever and wherever necessary, in order to maintain market stability
as well as sustain the financial system”. 

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Nigeria, Africa’s
largest oil producer, fell into recession in 2016 largely because of low
crude oil prices. Lower oil revenues led to foreign currency shortages
because crude sales are the country’s main source of dollars. 
It
emerged from recession in the second quarter of 2017 as crude prices
recovered and militant attacks against Niger Delta oil production
facilities ended. However, it has maintained a system of multiple
exchange rates in an attempt to reduce pressure on the local naira
currency.

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