Wednesday , 25 April 2018

CBN injects $210m into currency market

Nigeria’s central bank said on Tuesday it had injected $210 million into the interbank foreign exchange market, extending efforts to boost liquidity and alleviate dollar shortages.

According to Reuters, the 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.

An IMF report, seen by Reuters last week, criticised Nigeria’s central bank for its complex foreign exchange system, as well as its direct interventions the economy, calling for them to be discontinued.

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