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The Nairobian

Nigeria central bank sells $210m on FX market after naira eases

Business

By Reuters | Dec 05, 2018

**Nigeria's Central Bank Governor Godwin Emefiele. [Photo: Courtesy]**

ABUJA- Nigeria’s central bank said on Tuesday it had injected $210 million into the currency market to increase liquidity after the naira weakened by 1 percent on the black market last week.

The local unit eased to 370 from 366 per dollar on the black market last Thursday, its weakest since August 2017, prompting the central bank to announce measures to step up dollar sales to retail currency bureaus.

Central Bank Governor Godwin Emefiele said the bank had enough reserve to defend the naira, advising firms and individuals against hoarding hard currency or buying in anticipation of a currency weakness.

The statement from the bank said it had released $100 million earmarked for the wholesale market, $55 million for small businesses and individuals, and $55 million for certain dollar expenses such as school fees and medical bills.