July 31, 2018 / 5:41 PM / 4 months ago

Nigeria central bank sells $210 mln on FX market after yuan auction

ABUJA, July 31 (Reuters) - Nigeria’s central bank has injected $210 million into the interbank foreign exchange market after auctioning the Chinese yuan last week to boost liquidity.

The bank said in a statement on Tuesday 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.

Nigeria has been trying several options to curb pressure on the naira. The central bank said it sold $340.5 million on the interbank currency market last Friday.

In May, the central bank signed a three-year currency swap deal with the People’s Bank of China to facilitate trade between the two countries and cut reliance on the dollar. It sold 69.86 million yuan in its first auction of the Chinese currency, the bank said. (Reporting by Paul Carsten, Writing by Chijioke Ohuocha, Editing by Angus MacSwan)

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