CBN Forex Sales Dip 5.8%
The Central Bank of Nigeria HAS disclosed that the sales of foreign exchange to end users in the first quarter of 2022 declined by 5.8 per cent.
According to the CBN in its economic and statistics report, the sum of $4.86 billion was sold in the quarter under review showing a decline compared to Q4 2021.
The average turnover at the Investors and Exporters (I&E) segment declined by 35.8 per cent, compared to the previous quarter, reflecting decreased liquidity in the window.
According to the report, “Total foreign exchange sales to authorised dealers by the apex bank, at $4.86 billion, decreased by 5.8 per cent, compared with the previous quarter’s level. Disaggregation shows that foreign exchange sales at interbank/invisible and SMIS windows declined by 16.9 per cent and 10.8 per cent to $0.46 billion and $1.79 billion, respectively, relative to the levels in the preceding quarter. The bank also stated that activity in the CBN official exchange rate market declined.
The bank said, “SME interventions and sales at the Investors & Exporters (I&E) window, decreased by 2.0 per cent and 26.7 per cent to $0.38 billion and US$1.41 billion, compared with the amounts in the preceding quarter. However, matured swap contracts rose by 187.33 per cent to US$0.82 billion, relative to the previous quarter’s level”
The average turnover at the Investors and Exporters (I&E) segment declined by 35.8 per cent to US$0.12 billion, relative to the previous quarter, reflecting decreased liquidity in the window,” Apex Bank said.
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