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Nigeria cenbank to make moves impacting FX markets in days

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Nigeria's central bank plans to take measures that will impact currency markets in a few days time, its acting governor said on Monday, after meeting President Bola Tinubu to discuss ways to improve dollar liquidity on the official market.

Acting central bank governor Folashodun Shonubi's meeting with Tinubu comes after the bank on Friday revealed a $19 billion commitment in derivatives in 2022, nearly the size of the country's reserves.

Africa's largest economy is looking for ways to shore up its reserves and stem the fall of its currency, which has hit record lows on the black markets two months after trading restrictions were loosened on the official market.Reporting by Felix Onuah Writing by Chijioke Ohuocha Editing by Andrew Cawthorne and Nick Macfie

 

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