The Central Bank of Nigeria, CBN, sold $2.43 billion worth of foreign exchange, Forex, to the authorized dealers at the Investors and Exporters (I&E) window and Small and Medium Enterprises, SMEs, window in the first five months of the year (January to May, 2022).
This represents an 8.9 per cent year-on-year (YoY) rise when compared to $2.23 billion sold in the corresponding period of last year.
Findings from the CBN Monthly Economic Report for the period showed that Forex worth $1.83 billion was sold at the I&E window while $607.33 million was sold at the SMEs window during the period.
The CBN sold a total of $7.6 billion Forex to authorised dealers during the period.
However, in the monthly report the CBN said that on a month-on-month basis, foreign exchange sales at the I&E window decreased by 38 per cent to $160 million from $260 million in April.
The report stated: “Total foreign exchange sales to authorised dealers by the Bank were $1.18 billion, a decrease of 24.4 per cent, below $1.56 billion in April.
“A breakdown shows that foreign exchange sales at the I&E and interbank/invisible windows decreased by 37.9 per cent and 0.7 per cent to $0.16 billion apiece, below their respective levels in the preceding month.
“Similarly, SMIS and matured swap contracts fell by 7.0 per cent and 71.4 per cent to $0.64 billion and $0.10 billion, respectively, compared to the amounts in April.
“However, foreign exchange sales at the SMEs window rose by 8.4 per cent to $0.12 billion in the review period.”