Business

CBN Injects $11.5bn Into Forex Market In Q1 2020

The Central Bank of Nigeria (CBN), in the first quarter of 2020, injected $11.5bn foreign exchange into the economy.

The apex bank, in its latest report on the supply of forex, said $2.96bn, $3.39bn and $4.7bn were injected into the market in January, February and March respectively.

According to the CBN, investors’ and exporters’, small and medium enterprises and invisible segments received a total of $7,23bn; the Bureau De Change segment got $3.6bn, while the interbank and WDAS/RDAS got the rest.

The data revealed that a total of $14.72bn was injected into the market in 2018 while $28.55bn was injected in 2019.

The 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.

CBN, however in May, 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.

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