The Nigeria central bank has stated that they have injected the amount of $325.64 million into the interbank foreign exchange market in order to help with the efforts of reducing dollar shortages and boosting liquidity.
The recession of 2016 was no surprise to millions of Nigerians, but many say they haven’t seen it quite as bad before. Nigeria is an OPEC member with the largest economy in Africa, and fell into recession largely due to low crude oil prices.
The statement reports that the $325.64 million is intended for the agricultural, airline and petroleum products sectors. Additionally it will go towards raw materials and machinery.
The central bank has said that the dollar reserves enough to “guarantee access to forex by those requiring it to meet genuine needs”, and enough to maintain the international value of the naira.
Read more from our Blog