The CBN said that in January and February, respectively, it invested $1.65 billion and $1. 39 billion in the foreign exchange markets to stabilize the value of the naira.
The naira fell by 0.7% to N415 per dollar in the official market at that time notwithstanding interventions. According to an analysis, forex sales in the Investors and Exporters and interest rate windows fell by 37.9% and 0.7%, respectively, to $0.16 billion, under their corresponding amounts from the previous month.
The Central Bank of Nigeria (CBN) halted selling foreign currency to Bureau De Change (BDC) owners in the nation; and instead distributed weekly dollar sales to commercial banks to satisfy legal FX needs.
By year’s end, the CBN will no longer sell foreign currency to banks, according to its governor.