News Top Stories

CBN sold $4.86bn at forex market in 3 months

…I&E window deals dip by 26.7%

 

The Central Bank of Nigeria (CBN) sold a total of $4.86billion on the foreign exchange market in the first three months of this year, according to its Economic Report for Q1’22, released over the weekend.

 

The amount is 5.8 per cent ($281.88million) less than the $5.14billion that the CBN sold in the previous quarter.

New Telegraph’s analysis of the report shows that the amount of forex sold by the CBN at the various windows of the official foreign exchange market in Q1’22 declined compared to Q4’ 2021 numbers.

 

For instance, the report stated that: Total foreign exchange sales to authorised dealers by the bank, at $4.86 billion, decreased by 5.8 per cent, compared with the previous quarter’s level. Disaggregation shows that foreign exchange sales at interbank/invisibles and Secondary Market Intervention Sales (SMIS) windows declined by 16.9 per cent and 10.8 per cent to $0.46 billion and $1.79 billion, respectively, relative to the levels in the preceding quarter.

 

“Similarly, SME interventions and sales at the Investors & Exporters’ (I&E) window, decreased by 2.0 per cent and 26.7 per cent to $0.38 billion and $1.41 billion, compared with the amounts in the preceding quarter.

 

“However, matured swap contracts rose by 187.33 per cent to $0.82 billion, relative to the previous quarter’s level. The average turnover at the Investors and Exporters’ (I&E) segment declined by 35.8 per cent to $0.12 billion, relative to the previous quarter, reflecting decreased liquidity in the window.”

 

Further analysis of the report also indicates that foreign exchange flows through the economy headed south in the first three months of this year compared with Q4’21. Specifically, the report said: “Foreign exchange inflow into the economy decreased by 14.4 per cent to $17.62 billion, compared with $20.58 billion in the preceding period.

 

The development was driven by the 16.8 per cent and 12.4 per cent decline in inflow through the CBN and the autonomous sources, respectively. “Foreign exchange inflow through the Bank, at $7.63 billion, fell below the $9.18 billion in the preceding quarter. Disaggregation shows that receipts from oilrelated sources declined by 9.8 per cent to $1.47 billion, relative to $1.63 billion in the fourth quarter.

 

“Similarly, receipts from non-oil sources fell to $6.16 billion, compared with $7.54 billion. Foreign exchange inflow through autonomous sources also declined to $9.99 billion, from $11.40 billion in the preceding period, driven largely by a reduction in invisibles purchases.

 

“Foreign exchange outflow through the economy fell by 10.1 per cent to $10.98 billion, relative to the level in the fourth quarter. Of the total, outflow through the Bank amounted to $8.43 billion, a decline of 20.3 per cent, relative to $10.58 billion in the preceding quarter. “This was attributed, largely, to decreases in third-party MDA transfers and public sector/direct payments.

 

However, autonomous outflow rose by 55.3 per cent to $2.55 billion, on account of increase in invisible imports. “Consequently, the economy recorded a net inflow of $6.64 billion in 2022Q1, compared with $8.36 billion in the preceding quarter.

 

In contrast, a net outflow of $0.80 billion was recorded through the Bank, compared with net outflow of $1.40 billion in the preceding quarter. A lower net inflow of $7.44 billion was recorded through autonomous sources in the review period, compared with $9.76 billion in the fourth quarter.”

 

TRY IT TONIGHT!!! ---

 

Abuja Civil Servant reveals (FREE) secret Fruits that Increased his Manh0d size, gives Stronger Erections and ends Premature Erection in 7days...

   

CLICK HERE FOR FULL DETAILS.

 

%d bloggers like this:
Fake Richard Mille Replica Watches, www.richardmille.to The ceramic upper and lower cases are imported from Taiwan and are processed by ATPT ceramics to form Y-TZP ceramics. After high-tech anti-fingerprint technology, they present a delicate and soft sub-black material. This color quality has remained unchanged for a hundred years. The color and luster are more detailed to achieve the ceramic tone visual pattern electroplating upper and lower shells that are infinitely close to the original products, with anti-reflective coating sapphire glass! The tape uses a soft and delicate Malaysian imported top rubber strap, and the movement is equipped with an imported Seiko NH movement. The buckle of this version is made according to the original size and thinness, making it feel more comfortable and intimate, the highest version on the market Richard Mille Replica