CBN injects $210m into currency market

The Central Bank of Nigeria (CBN) 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.

The CBN said it: “will continue to manage the forex with a view to reducing the country’s import bills and halting accretion to its foreign reserves.”