Nigeria’s central bank said on Tuesday it had injected $210 million into the interbank foreign exchange market, as part of efforts to alleviate dollar shortages and boost liquidity. The bank said in an emailed 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, Africa’s largest oil producer, fell into recession in 2016 largely because of low crude oil prices which also led to foreign currency shortages. Crude sales are the West African country’s main source of dollars. Nigeria emerged from recession in the second quarter of 2017 as crude prices recovered but it has maintained a system of multiple exchange rates in an attempt to reduce pressure on the local naira currency. Reuters
