Nigerian central bank injects $325 mln, 14 mln yuan into currency market

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ABUJA, Oct 18 – Nigeria’s central bank on Friday injected $325.5 million and 14 million yuan renminbi ($1.98 million) into the market 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.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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