The Central Bank of Nigeria said it had injected $195 million into the interbank foreign exchange market on Tuesday to meet demand for dollars as it continues its efforts to improve liquidity and reduce shortages.
In an emailed statement, it said $100 million was offered to the wholesale market and it released $50 million for small and medium enterprises along with $45 million which was provided for such items as medical fees, tuition fees and business travel.
Nigeria has at least six exchange rates – including a retail rate set by licensed exchange bureaus, official and black market rates – to mask pressure on the naira currency amid a shortage of dollars caused by low oil prices. Crude oil is the OPEC member’s main source of foreign currency.
The central bank said in its statement it was determined to achieve “rates convergence”, adding this was the reason for its “consistent intervention in the foreign exchange market”.