Home Business CBN Defends Naira With $23.89bn in 2019

CBN Defends Naira With $23.89bn in 2019

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The Central Bank of Nigeria (CBN) has disclosed that total sales at the inter-bank foreign exchange market stood at $23.89billion in 2019

The apex bank in its annual activity report on Friday stated that it sustained direct intervention in the inter-bank foreign exchange market by providing a buffer against demand pressures to ensure exchange rate stability.

According to the report, “Total sales stood at $23.89billion, comprising $13.1 billion as spot and $10.78 billion forwards.

“The spot sales comprised $6.04 billion at the I&E window, $4.27 billion at the inter-bank, $1.67 billion for SMEs and $1,123.10 million for invisibles.

“On the other hand, the Bank purchased $11.04 billion. Thus, net sales by the Bank amounted to $12.8 billion.

“The sum of $10.08 billion matured at the forwards, while $3.48 billion remained outstanding at end-December 2019.”

The report added that,, “ In the preceding year, total sales stood at $25.6 billion, comprising $14.6 billion as spot and $11.0 billion as forwards, while purchases amounted to $7.8 billion, resulting in a net sale of $17.87 billion.

“The sum of $10.4 billion matured at the forwards, while $2.76 billion remained outstanding at end-December 2018

“The lower sales into the foreign exchange market by the CBN in 2019 was attributable to the increased level of activity at the I&E window.”

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