Connect with us

General News

Nigeria central bank sells $210m on FX market after naira eases :: Kenya

Published

on


Nigeria’s Central Bank Governor Godwin Emefiele. [Photo: Courtesy]

ABUJA- Nigeria’s central bank said on Tuesday it had injected $210 million into the currency market to increase liquidity after the naira weakened by 1 percent on the black market last week.

The local unit eased to 370 from 366 per dollar on the black market last Thursday, its weakest since August 2017, prompting the central bank to announce measures to step up dollar sales to retail currency bureaus.

ALSO READ:

Nigeria central bank chief to meet MTN

Central Bank Governor Godwin Emefiele said the bank had enough reserve to defend the naira, advising firms and individuals against hoarding hard currency or buying in anticipation of a currency weakness.

The statement from the bank said 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.

Would you like to get published on Standard Media websites? You can now email us breaking news, story ideas, human interest articles or interesting videos on:





Source link

Advertisement
Loading...
Loading...

Facebook

Loading...

Trending

';return t.replace("ID",e)+a}function lazyLoadYoutubeIframe(){var e=document.createElement("iframe"),t="ID?autoplay=1";t+=0===this.dataset.query.length?'':'&'+this.dataset.query;e.setAttribute("src",t.replace("ID",this.dataset.src)),e.setAttribute("frameborder","0"),e.setAttribute("allowfullscreen","1"),e.setAttribute("allow", "accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture"),this.parentNode.replaceChild(e,this)}document.addEventListener("DOMContentLoaded",function(){var e,t,a=document.getElementsByClassName("rll-youtube-player");for(t=0;t