Nigeria's central bank injects dollars into banking system

Nigeria's central bank injected dollars into the market on Friday after a lull in foreign exchange trade for a few days, the managing director of the market regulator said on Saturday. "The central bank intervened on Friday ... it sold dollars to the banks so hopefully trade will pick up," said Bola Onadele, managing director of the FMDQ, a regulator comprising Nigeria's main commercial banks and the central bank.
He did not say how much the central bank had sold. Nigerian companies and importers have been struggling to obtain dollars because a sharp fall in oil prices has hit the oil-exporting nation's revenues and naira currency hard. "There were a few trades in the market, about three to five a day down from 80-100 on average," Onadele said about trading in recent days.