Thursday, May 13, 2021

CBN injects $210 mln into currency market

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ABUJA, Feb 19 – Nigeria’s central bank said on Monday it had injected $210 million into the interbank foreign exchange market, extending efforts to boost liquidity and alleviate dollar shortages.

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.

Nigeria’s central bank is committed to “intervention in the interbank foreign exchange market, in line with its pledge to sustain liquidity in the market and maintain stability”, it said.

The Central Bank of Nigeria said its aim was “reducing the country’s import bills and halting depletion of its foreign reserves”. (Reporting by Paul Carsten; Editing by Kevin Liffey)

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  1. The CBN on its part sustained its weekly intervention in the foreign exchange market by selling $210 million in the interbank market. According to Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okoroafor, “The CBN offered $100 million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got the sum of $55 million. Customers needing foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated the sum of $55 million. ” Statutory allocation funds to lower cost of funds Cost of funds is expected to further trend downwards in the interbank money market this week courtesy of inflow from statutory allocation to the three tiers of government which would be released this week by the Federal Accounts Allocation Committee (FAAC).

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