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How CBN Pumped $9.96Bn to Save FX Market in 6 Months

The Central Bank of Nigeria (CBN) has injected $9.964 billion into the inter-bank segment of the foreign exchange (forex) market since it commenced its aggressive interventions in February this year, according to Thisday compilation.

The intervention has helped to ease pressure on Nigeria’s forex market, with a view by the Central bamk of Nigeria to narrow and converge the Naira rate at both parallel and official market rates.

According to Thisday, between February 21 and August 21, the CBN sold the greenback to authorised dealers in 44 sessions.

A breakdown of the dollar sales showed that $680 million was pumped into the market in February, $1.542 billion was sold in March, $1.616 billion in April, $2.102 billion in May, and $1.631 billion in June. 

Also, while the central bank offered $1.639 billion to banks to sell to their customers in July, as of August 21, it had sold a total of $754 million.

The $2.102 billion sold by the central bank in May remains the highest in the six months under review.

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