Central Bank Announces The Injection Of $210 Million Into The Currency Market

The Central Bank of Nigeria has announced the injection of $210 million dollars into the Nigeria currency market.

The Apex Bank of Nigeria disclosed on Monday it had injected $210 million dollars into the inter-bank

 foreign exchange market, part of an effort to improve liquidity and reduce the sufferings that emanated from the dollar shortages of the past few years.

“The bank will continue to intervene in the interbank foreign exchange market, in line with its pledge to sustain liquidity in the market and maintain stability,” the central bank said in an emailed statement.
Nigeria, Africa’s largest oil producer, was plunged into recession in 2016 largely because of low crude oil prices. Lower oil revenues led to dollar shortages, since crude oil sales are the country’s main source of foreign exchange earnings.
Africa’s largest economy was reportedly out of recession in the second quarter of 2017 as crude oil prices moved in the uptrend and the attacks on oil production facilities in the Niger Delta subsided.

Successful debt sales, including multiple Eurobond offerings last year, have helped Nigeria to accrue billions of dollars in foreign reserves.

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