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Nigerian cenbank injects $325 mln, 14 mln yuan into currency market

Published 18/10/2019, 19:41
Updated 18/10/2019, 19:45
© Reuters.  Nigerian cenbank injects $325 mln, 14 mln yuan into currency market

© Reuters. Nigerian cenbank injects $325 mln, 14 mln yuan into currency market

ABUJA, Oct 18 (Reuters) - 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.

($1 = 7.0805 Chinese yuan renminbi)

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