{"id":40486,"date":"2021-02-18T11:48:59","date_gmt":"2021-02-18T11:48:59","guid":{"rendered":"http:\/\/watchdogplusmedia.com\/?p=40486"},"modified":"2021-02-18T11:49:05","modified_gmt":"2021-02-18T11:49:05","slug":"cbn-intervenes-with-10-31bn-to-defend-naira-from-losing-value","status":"publish","type":"post","link":"https:\/\/watchdogplusmedia.com\/?p=40486","title":{"rendered":"CBN intervenes with $10.31bn to defend Naira from losing value"},"content":{"rendered":"\n
\"Exporters<\/figure>\n\n\n\n

The Central Bank of Nigeria (CBN) in the first half ended June 2020, injected a cumulative sum of $10.31 billion to cushion demand pressures and ensure exchange rate stability in the Foreign Exchange (FX) market.<\/p>\n\n\n\n

This indicates a 21.7 percent increase from the $ 8.47billion in the corresponding period of 2019.<\/p>\n\n\n\n

CBN<\/a> disclosed this in its latest Financial Markets Department report for half-year 2020 (January \u2013 June), released on Wednesday<\/p>\n\n\n\n

Since the introduction of the Investor and Exporter window, the CBN has increasingly intervened in the forex market as an active buyer and seller.<\/p>\n\n\n\n

While providing insight on the intervention, CBN noted that the global COVID-19 lockdowns, adversely affected oil demand, and also contributed to the slowdown in economic activities.\u201d In response, the Bank took deliberate efforts at sustaining price stability and preserving foreign reserve levels.\u201d<\/p>\n\n\n\n

Breakdown of the figures shows $5.06billion was sold at the Investors & Exporters Foreign Exchange (I & E) window, $1.19billion at the inter-bank spot, $570 million for SMEs, $312.00 million for invisibles, while forwards sales were $3.17billion.<\/p>\n\n\n\n

On the other hand, the sum of US$5,425.30 million matured at the forwards segment, while US$2,504.62 million was outstanding at end-June 2020 .<\/p>\n\n\n\n

In the futures market, the sum of US$14,332.53 million was traded, while US$10,832.64 million matured and US$13,167.65 million remained outstanding at end-June 2020.<\/p>\n\n\n\n

At the Investors and Exporters window, the half-year activity report said, \u201cThe turnover of transactions at the window amounted to $24.69 billion at end of June 2020, compared to $33.21 billion in the corresponding period of 2019.<\/p>\n\n\n\n

\u201cThe decrease in turnover as a result of reduced inflows to the country. Since its introduction in April 2017, the turnover of transactions amounted to $173.41 billion at end-June 2020.\u201d<\/p>\n\n\n\n

Meanwhile, on Wednesday, February 17th, Naira depreciated against the dollar to close at N478\/$1 at the black market. While at the Investors & Exporters (I&E) window dollar was quoted at N410 compared to N409.67k quoted on the previous day.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Central Bank of Nigeria (CBN) in the first half ended June 2020, injected a cumulative sum of $10.31 billion to cushion demand pressures and ensure exchange rate stability in the Foreign Exchange (FX) market. This indicates a 21.7 percent increase from the $ 8.47billion in the corresponding period of 2019. CBN disclosed this in its […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_mi_skip_tracking":false},"categories":[4,35],"tags":[],"yoast_head":"\nCBN intervenes with $10.31bn to defend Naira from losing value » WatchDog Plus Media<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/watchdogplusmedia.com\/?p=40486\" \/>\n<meta name=\"author\" content=\"Odofin\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/watchdogplusmedia.com\/?p=40486#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/watchdogplusmedia.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Business\",\"item\":\"https:\/\/watchdogplusmedia.com\/?cat=4\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"CBN intervenes with $10.31bn to defend Naira from losing value\"}]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"CBN intervenes with $10.31bn to defend Naira from losing value » WatchDog Plus Media","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/watchdogplusmedia.com\/?p=40486","author":"Odofin","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"BreadcrumbList","@id":"https:\/\/watchdogplusmedia.com\/?p=40486#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/watchdogplusmedia.com\/"},{"@type":"ListItem","position":2,"name":"Business","item":"https:\/\/watchdogplusmedia.com\/?cat=4"},{"@type":"ListItem","position":3,"name":"CBN intervenes with $10.31bn to defend Naira from losing value"}]}]}},"rttpg_featured_image_url":null,"rttpg_author":{"display_name":"Odofin","author_link":"https:\/\/watchdogplusmedia.com\/?author=2"},"rttpg_comment":0,"rttpg_category":"<a href=\"https:\/\/watchdogplusmedia.com\/?cat=4\" rel=\"category\">Business<\/a> <a href=\"https:\/\/watchdogplusmedia.com\/?cat=35\" rel=\"category\">Finance<\/a>","rttpg_excerpt":"The Central Bank of Nigeria (CBN) in the first half ended June 2020, injected a cumulative sum of $10.31 billion to cushion demand pressures and ensure exchange rate stability in the Foreign Exchange (FX) market. This indicates a 21.7 percent increase from the $ 8.47billion in the corresponding period of 2019. CBN disclosed this in its…","_links":{"self":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/40486"}],"collection":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=40486"}],"version-history":[{"count":-4,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/40486\/revisions"}],"wp:attachment":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=40486"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=40486"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=40486"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}