CBN injects $15.3bn to stabilise naira
The Central Bank of Nigeria injected $15.3bn into the economy to stabilise the value of the naira from January to October, 2022. This was obtained in the banking sector regulator’s monthly and quarterly economic reports on foreign exchange market developments. The reports noted that $4.86bn, $4.81bn and $4.18bn were injected into the economy during the first, second and third quarters, respectively, while $1.46bn was injected in October. The CBN stated, “Total foreign exchange sales to authorised dealers by the bank, at $4.86bn, decreased by 5.8 per cent, compared with the previous quarter’s level. “Disaggregation shows that foreign exchange sales at interbank/invisibles and SMIS windows declined by 16.9 per cent and 10.8 per cent to $0.46bn and $1.79bn, respectively, relative to the levels in the preceding quarter. “Similarly, SME interventions and sales at the Investors & Exporters window, decreased by 2.0 per cent and 26.7 per cent to $0.38bn and $1.41bn, compared with the amounts in the preceding quarter.” It added that matured swap contracts rose by 187.33 per cent to $0.82bn, relative to the previous quarter’s level. In the second quarter, the CBN stated, “Total foreign exchange sales to authorised dealers by the bank at $4.81bn, decreased by 0.9 per cent, compared with the level in the preceding quarter.
Leave a Reply