CBN Initiates $15.3 billion to Help Bolster Naira.

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To maintain the value of naira from January to October 2022, the Central Bank of Nigeria injected $15.3 billion into the economy. This information was found in the monthly and quarterly economic reports on foreign exchange market developments from the banking sector regulator.

According to the reports, the economy received injections totalling $4.86 billion, $4.81 billion, $4.18 billion, and $1.46 billion in the first, second, and third quarters, respectively. At $4.18 billion, foreign exchange sales were 13.1% lower than they were in the prior quarter. Similarly, compared to 2022, Q2, matured swap contracts decreased by 48.9% to $0.57 billion.

The CBN added that sales at the interbank/invisibles and small and medium enterprises windows rose by 32.4% and 10.0%, respectively, to $0.46 billion and $0.53 billion. However, sales at the Investors and Exporters window decreased by 20.3 per cent to $0.12bn in October, from $0.15bn in September 2022.”

Punch.

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