CBN sells $100 million Spot Sales to SMEs

Central Bank of Nigeria CBN on Tuesday said it sold $100 million in spot sales to small and medium-size enterprises (SMEs) as part of a move to inject liquidity into the official market.

The bank on Monday said it was offering SMEs up to $20,000 per quarter in an effort to prop up businesses whose access to foreign currencies has been overshadowed by larger companies.

The country is battling a currency crisis brought on by low oil prices, which has tipped Africa’s biggest economy into recession, hammered its dollar reserves and created chronic dollar shortages, frustrating businesses and individuals.

Also on Tuesday, the bank said it had sold $100 million that was auctioned on Monday in forwards to be settled between one week and 30 days’ time.

Read Also  CBN injected $195 mln into forex market


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