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CBN Pumps $13.99bn Into Forex Market In H1 2020

The Central Bank of Nigeria, in the first of half of this year (January to June), injected a total of $13.99bn into the forex market.

The apex bank, in its quarterly statistical bulletin on ‘Supply of forex’ for the month of June, said the forex were supplied to the interbank segment, the Bureau De Change operators, and also the Investors & Exporters window, Small and Medium Enterprises and invisibles.

It disclosed that $122.9m, $63.2m, $2m, $62.12m, $55.89m and $68.86m were supplied through the interbank segment each month from January to June.

Also, $1.36bn, $1.17bn and $1.09bn were supplied in January, February and March to the BDCs during the first half of the year.

$1.47bn, $2.15bn, $3.6bn, $777.23bn, $941.24bn and $1.02bn were disbursed monthly between January and June through the I&E, SMEs and invisible windows.

The Central Bank of Nigeria, in the first of half of this year (January to June), injected a total of $13.99bn into the forex market.  The apex bank, i
CBN

Recall that the apex bank had suspended the sales of forex to the market in April due to the lockdown imposed on the country to curb the spread of COVID-19.

And in May, it started partial sales to all commercial banks to cater for parents and the SMEs making essential imports needed to revamp economic activities across the country.

In the first week of September, the CBN resumed sale of forex to the BDCs segment of the market.

Despite CBN’s intervention, the margin between the exchange rate of the naira to the dollar at the official rate and parallel market is still high.

The naira exchanged to the dollar at 457/$, while the official exchange rate remained N379/$ on Wednesday.

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