CBN injects $210m into currency market

CBN Governor, Godwin Emefiele has cut lending rate to 12.5%
CBN Governor, Godwin Emefiele
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CBN Governor Godwin Emefiele
CBN Governor Godwin Emefiele

The Central Bank of Nigeria, CBN, on Tuesday injected $210 million into the interbank foreign exchange market, as it seeks to boost liquidity and reduce dollar shortages.

The bank said in a statement it had released $100 million 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.

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Meanwhile, CBN Governor, Mr. Godwin Emefiele has outlined the monetary policy thrust for 2019, saying that the Bank is of the view that the short-term outlook of the Nigerian economy remains good, adding that current tight stance of the Bank is expected to continue in the near-term, due to the rising inflation expectations and exchange market pressures.

Deal of the day

He also said the CBN is working with the Federal Government and is open to foreign investors who were keen to support efforts at unlocking the immense opportunities in Nigeria’s economy.

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Mr. Emefiele stated these while delivering the keynote address entitled: “Strengthening the Economic Recovery Process in Nigeria” at the 53rd Annual Bankers’ Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) on Friday, November 30, 2018.

“Your Central Bank today is more committed to creating wealth and putting in place strong policies for creating jobs for our growing youth population; your Central Bank today is ever more committed to promoting a more stable and resilient financial system,” he said.

While advising against hasty criticism of monetary policies, which he said were taken based on macroeconomic and geopolitical contexts, he assured that the CBN would always act in good faith, with the best available information and in cognizance of current economic conditions, to pursue price and financial system stability, support job creation on a massive scale and ensure a more inclusive growth in the economy.