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.
Thank you for reading this post, don't forget to subscribe!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.