CBN injects $1.47bn into forex market in one month - Punch Newspapers

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The Central Bank of Nigeria injected $1.47bn into the foreign exchange segment of the market as part of its efforts to stabilise the naira in January.

Part of the report read, “Total foreign exchange sales to authorised dealers by the bank was $1.47bn in January 2021, a decrease of 47.4 per cent and 64.0 per cent from the level in the preceding month and corresponding period of 2020, respectively. “Similarly, foreign exchange cash sales to BDC operators and matured swap transactions fell by 19.3 per cent and 48.7 per cent, compared with its level in the preceding month to $0.42bn and $0.12bn respectively in the review period.”

In a circular dated January 22, 2021, the bank said it emphasised that only licensed IMTOs were permitted to carry on the business of facilitating remittance transfers into Nigeria.

 

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