CBN Tackles Dollar Shortage With $355 Million
The pot of Nigeria’s dollars shall never run dry. That is what the Central Bank of Nigeria has decreed.
On Friday it injected $355.43 million into the interbank foreign exchange market, as part of efforts to make sure there is enough dollars in the market and no stories of shortage.
The bank said in a statement the money was released to “meet requests in the agricultural, airlines, petroleum products and raw materials and machinery sectors”.
This intervention is despite warning from several quarters including the International Monetary Fund, IMF that the apex bank must end its intervention in the foreign exchange market.
In a report published earlier this week, IMF reiterated its call for Nigeria to scrap its multiple exchange rates and move to a unified rate as quickly as possible.
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