CBN FX Market Interventions Hit $12.74bn as External Reserves Narrow by $3.41bn in 11 Months – THISDAYLIVE

Following the drive to defend local currency, Naira, the Central Bank of Nigeria interventions in foreign exchange market reached $12.74billion in eight months of 2022, the CBN economic reports for the period under review has revealed.

For June, it recorded the highest intervention in the foreign exchange market, crossing the $2billion mark to $2.07billion. The economic report disclosed that the average foreign exchange turnover at the I & E window was $110.18 million in August 2022, a decrease of 3.6 per cent, relative to $114.31 million in July 2022.

“The external reserves stood at $38.46 billion at end August 2022 from $38.31 billion at end-July 2022. The external reserves could cover 6.6 months of import for goods and services or 8.5 months of import for goods only,” the report stated.

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