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Nigeria’s CBN to inject another $150m into interbank market

Nigeria’s CBN to inject another $150m into interbank market
  • Comments   -   Tuesday, 14 March 2017 - 18:46

(Ecofin Agency) - The Central Bank of Nigeria on Tuesday revealed plans to sell $150 million in currency forwards on the interbank market through commercial lenders.

According to the apex bank, the sales will mature within 60 days.

The central bank has been intervening in the official currency market in the past two weeks, as part of efforts aimed at easing the difficulties encountered in the funding of foreign exchange transactions.

So far, it has pumped $1.370 billion as both wholesale and retail interventions into the interbank FX market, ever since it announced a new FX policy measure almost three weeks ago. Due to this Nigeria’s currency fell to N306 per dollar on Monday from the N305.50 level it has been hovering around since 2016.

Anita Fatunji

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