The Central Bank of Nigeria on Tuesday at a workshop in Lagos injected $210 into the foreign exchange market.
The CBN said in a statement that it allocated $100m to authorized dealers in the wholesale segment of the market, Small and Medium Enterprises $55m and $55m allocated to consumers who require it invisibles such as tuition fees, medical bills and travel allowances.
The statement also said, “The CBN, following the earlier take-off of its intervention in the sale of foreign exchange in Chinese yuan, injected the sum $340,507,376.51 into the interbank retail secondary market intervention sales. This was in addition to the sale of CNY69, 858,087.15 in the spot and short-tenured forward.”
The Nigerian Naira has continued to remain stable at ₦360 to $1 in the foreign exchange market.
The Senior Manager, Department of Development Finance, CBN stated that N170bn of the N220bn fund for Small and Medium-scale Enterprises has been disbursed. Also it was stated the repayment of loans as and when due by loan takers was not encouraging.
It was mentioned at the workshop that SMEs are the bedrock of the economy and SMEs must improve on the level of their competence and managerial skills as lack of funds is not the sole reason for business failures.