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$11.5bn injected into forex market in Q1 – CBN

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The Central Bank of Nigeria injected $11.5bn foreign exchange into the economy in the first three months of 2020. Latest figures from the CBN on the supply of forex showed that $2.96bn, $3.

39bn and $4.7bn were injected into the market in January, February and March respectively.

According to the data, a total of $14.72bn was injected into the market in 2018 while $28.55bn was injected in 2019. It, however, commenced partial sales in May to all commercial banks to cater for parents and the SMEs making essential imports needed to revamp economic activities across the country. Commercial banks that were receiving supplies also said they were giving qualified SMEs the opportunity to bid for forex.

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