Cbn lifts supply with 180m as bdcs envisage further appreciation of the naira
It seems like you're referring to a news article or a financial update. Here's a breakdown of what it might mean:
- "CBN lifts supply with $180m": The Central Bank of Nigeria (CBN) has injected $180 million into the foreign exchange market to boost the supply of US dollars. This is likely an attempt to stabilize the exchange rate and make it easier for individuals and businesses to access foreign currency.
- "as BDCs envisage further appreciation of the naira": BDCs (Bureaux de Change) are authorized dealers that exchange foreign currencies for local currencies. They are expecting the naira to appreciate further, which means they think the value of the naira will increase against other currencies, such as the US dollar.
In other words, the CBN's injection of $180 million into the foreign exchange market is likely a response to the BDCs' expectations that the naira will strengthen in the coming days. This could be due to various factors, such as:
- Improved economic conditions in Nigeria
- Increased foreign investment in the country
- A decrease in demand for foreign currency
- A change in global economic trends that favors the naira
By injecting more US dollars into the market, the CBN is trying to stabilize the exchange rate and make it easier for individuals and businesses to access foreign currency. This could help to boost economic activity, trade, and investment in Nigeria.