ABUJA, April 10 Nigeria's central bank is
offering small and medium-size enterprises (SMEs) up to $20,000
per quarter, in an effort to prop up businesses whose access to
foreign currencies has been overshadowed by larger companies, it
said on Monday.
Nigeria is battling a currency crisis brought on by low oil
prices, which has tipped its economy into recession, hammered
its dollar reserves and created chronic dollar shortages,
frustrating businesses and individuals.
The central bank now plans to sell shorter-dated dollar
forwards to inject liquidity into the official market and try to
support the naira, traders said on Monday.
Also on Monday, the bank auctioned $100 million, it said,
with traders saying the sales will be settled within one week
and 30 days, compared with the 60-day contracts it had written
The central bank also sold $41 million for travel allowances
and medical and tuition fees, it said in Monday's statement.
(Reporting by Camillus Eboh; Additional reporting by Chijioke
Ohuocha; Writing by Paul Carsten; Editing by Larry King)