CBN Injects Dollars Into Nigeria’s Economy (Must Read)

Nigeria’s Apex Bank, CBN has on Friday injected dollars into the market after a downtime in foreign exchange trade for a few days, PM News reports.

This was made known on Saturday by the Bola Onadele, the managing director of the FMDQ, a regulator comprising Nigeria’s main commercial banks and the central bank.

“The central bank intervened on Friday … it sold dollars to the banks so hopefully trade will pick up,” Onadele said though he did not say how much the central bank sold to the banks.

Nigerian companies and importers have been struggling to obtain dollars because a sharp fall in oil prices has hit the oil-exporting nation’s revenues and naira currency hard.

The CBN governor, Godwin Emefiele told Reuters on Thursday that he was ready to inject liquidity if needed into the interbank market, which dried up this week following a directive to government departments to move funds from commercial banks into a “Treasury Single Account” at the central bank.