We Disbursed $13.99bn Forex In 6 Months — CBN

October 8, 2020
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According to the Central Bank of Nigeria (CBN) quarterly statistical bulletin on ‘Supply of forex’, the Apex bank supplied $13.99bn into the market between January and June.

The forex were supplied to the Bureau De Change operators, the interbank segment, and also the Investors & Exporters window, Small and Medium Enterprises (SMEs) and invisibles.

The bank disclosed that $122.9m, $63.2m, $2m, $62.12m, $55.89m and $68.86m were supplied through the interbank segment each month from January to June.

$1.47bn, $2.15bn, $3.6bn, $777.23bn, $941.24bn and $1.02bn were disbursed monthly between January and and June, through the I&E, SME and invisible windows.

In April, the CBN had stopped the sale of forex to the BDCs due to the effects of the pandemic on the economy.

The CBN resumed provision of forex to commercial banks for sales, as the COVID-19 lockdown is being eased both globally and in the country.

It resumed sale of forex to the BDC segment of the market in the first week of September.

However, the margin between the exchange rate of the naira to the dollar at the official rate and parallel market has continued to remain high despite the apex bank’s intervention.

Yesterday (Wednesday), while the official exchange rate remained N379 per dollar, the naira exchanged to the dollar at 457 per dollar.

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