The central bank of Nigeria announced on Monday 22 January to have injected 210 million dollars into the Nigerian interbank foreign exchange market. This umpteenth action by the institution tends to increase liquidity and alleviate dollar shortages.
Note that the bank has unlocked 100 million for the wholesale market, 55 million for small businesses and individuals, and 55 million for some expenses in dollars such as tuition and medical expenses.
The declared will of the institution is to reduce the country’s import bills and stop the growth of its foreign exchange reserves.
The figures obtained yesterday from the bank indicate that customers needing foreign currency for invisible items such as tuition fees, medical expenses and basic travel allowance (BTA), among others, were allocated 55 million of dollars.
On Monday, January 22, the indicative exchange rate rose to 360.67 naira per dollar, against N360.1 per dollar recorded last week. A depreciation caused by a decline in 30% of the volume of dollars traded in the wicket, which fell to 273,94 million, against 392,15 million traded last week on Friday.
