The Central Bank of Nigeria (CBN) has said that it pumped $7.6 billion into the economy in five months through sale of foreign exchange to authorised dealers.
This is contained in CBN’s monthly economic reports for May 2022.
According to the document, the apex bank intervened in the forex markets to stabilise the value of the naira with $1.65 billion and $1.39 billion in January and February, respectively.
It also pumped $1.82 billion in March; $1.56 billion in April and $1.18 billion in May 2022.
Despite interventions, the naira depreciated by 0.7 percent to N415 a dollar in the official market within the period.
“Total foreign exchange sales to authorised dealers by the bank were $1.18 billion, a decrease of 24.4 percent below $1.56 billion in April.
“A breakdown shows that foreign exchange sales at the Investors and exporters and interbank/invisible windows decreased by 37.9 per cent and 0.7 per cent to $0.16 billion percent, below their respective levels in the preceding month.
“Similarly, SMIS and matured swap contracts fell by 7.0 percent and 71.4 percent to $0.64 billion and $0.10 billion, respectively, compared to the amounts in April. However, foreign exchange sales at the Small and Medium Enterprises window rose 8.4 percent to $0.12 billion in the review period,” the report stated.
