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.
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