CBN injects $355.43m into currency market

The Central Bank of Nigeria (CBN) said on Friday that it has injected $355.43 million into the interbank foreign exchange market, as part of its efforts to boost liquidity and alleviate dollar shortages.

The apex bank said in a statement that the money was released to “meet requests in the agricultural, airlines, petroleum products and raw materials and machinery sectors”.

The International Monetary Fund (IMF) in a report published earlier this week, reiterated its call for Nigeria to scrap its multiple exchange rates and move to a unified rate as quickly as possible.