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CBN defends naira with $11.24bn in seven months

When contacted, Billy Gillis-Harry, President of the Petroleum Retail Outlet Owners Association of Nigeria, told our correspondent that the fuel supply situation had yet to stabilize.Information Guide Nigeria

He did, however, add that marketers were stepping up their efforts to clear the lines, and that the government, through the NNPC, should guarantee that dealers had appropriate access to PMS across the country.

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It stated, “Total foreign exchange sales to authorised dealers by the Bank were $1.75bn in July, a decrease of 15.4 per cent relative to $2.07bn in June. A breakdown shows that foreign exchange sales at the interbank/invisible window and matured swaps decreased by 22.0 per cent and 59.1 per cent, respectively, to $0.13bn and $0.27bn, below their respective levels in the preceding month.

“In contrast, FX sales at Investors and Exporters, Secondary Market Intervention Sales and Small and Medium Enterprises windows rose by 5.8 per cent, 0.6 per cent and 65.7 per cent, respectively, to $0.44bn, $0.72bn, and $0.19bn, compared to their levels in June.”JAMB portal

In earlier report, the CBN said it had intervened in the markets with $1.65bn, $1.39bn and $1.82bn in January, February and March, while the interventions were $1.56bn and $1.18bn in April and May respectively.

The report read, “Total foreign exchange sales to authorised dealers by the bank were $1.18bn, a decrease of 24.4 per cent, below $1.56bn in April.

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“A breakdown shows that foreign exchange sales at the Investors and Exporters and interbank/invisible windows decreased by 37.9 per cent and 0.7 per cent to $0.16bn apiece, below their respective levels in the preceding month.

“Similarly, SMIS and matured swap contracts fell by 7.0 per cent and 71.4 pto er cent to $0.64bn and $0.10bn, respectively, compared to the amounts in April. However, foreign exchange sales at the Small and Medium Enterprises window rose by 8.4 per cent to $0.12bn in the review period.”NYSC portal

The CBN has been interfering in the foreign exchange market in order to stabilize the economy and respond to rising market demand.

Nigeria is mostly an import-dependent country, which drives up demand for dollars to purchase inputs and completed goods.

The CBN has been interfering in the foreign exchange market in order to stabilize the economy and respond to rising market demand.

Nigeria is mostly an import-dependent country, which drives up demand for dollars to purchase inputs and completed goods.JAMB Result

Check JAMB Result

Check and Confirm: How much is Dollar to Naira

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Emediong Ekpe

Emediong Ekpe is a graduate of English. A professional Sports journalist/analyst, and a spoken word artist. He is passionate about decimating information and putting smiles on people's faces via news writing.

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