Nigeria: CBN injects $325 million, 14 million yuan into currency market

Nigeria’s central bank on Friday injected $325.5 million and 14 million yuan renminbi ($1.98 million) into the market in an effort to keep it stable and prevent shortages. A central bank spokesman said the dollar intervention was for agricultural machinery and industrial raw materials, while the yuan renminbi was for renminbi-denominated letters of credit.

On Tuesday, the bank offered $100 million to the wholesale market and $55 each to small businesses and individuals with certain dollar expenses such as school fees and medical bills. A central bank spokesman said the bank would continue to ensure adequate liquidity in the market.

On Friday, $1 exchanged for 358 naira at the bureau de change segment, while 1 renminbi exchanged at 48 naira, the bank said. Reuters

Pix: CBN Governor, Godwin Emefiele