To keep the value of the naira stable between January 2022 and July 2022, the Central Bank of Nigeria injected $11. 24 billion into the economy.
This information was found in the monthly economic reports on foreign exchange market developments published by the banking regulator.
According to the report, the naira was stabilized with the help of $7. 6 billion in the year’s first five months. According to a breakdown, matured swaps and foreign exchange sales at the interbank/invisible window both fell by 22. 0 and 59.1 percent, to $0. 13 billion and $0.27 billion, respectively, from their corresponding levels in the previous month.
The CBN previously reported that it had intervened in the markets with $1. 65 billion, $1.39 billion, and $1.82 billion in January, February, and March, and $1.56 billion and $1.18 billion in April and May.