The Central Bank of Nigeria injected $3.36bn into the foreign exchange market in two months as part of efforts to ensure the stability of the naira.

Figures obtained from the CBN’s January monthly report on ‘Foreign Exchange Market Developments’ showed that $1.71bn and $1.65bn were injected in December 2021 and January 2022 respectively.

The report said, “Total foreign exchange sales to authorised dealers by the Bank was $1.65bn in January, representing a decrease of 3.1 per cent, relative to $1.71bn in December 2021.

“A breakdown shows that foreign exchange sales at the Small and Medium Enterprises window, interbank/invisible foreign exchange sales and matured swaps contracts rose by 24.4 per cent, 25.9 per cent, and 60.8 per cent to $0.14bn, $0.18bn and $0.21bn, respectively, in January, relative to the amount in December 2021.

Credit: Punch

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