Within a 15-month period covering October 2018 and December last year, the Central Bank of Nigeria injected over $43.52bn to defend the nation’s currency in the foreign exchange market.
The amount was arrived at by our correspondent based on computation of amount released by the apex bank to boost liquidity in the foreign exchange market.
Also, the CBN provided support to Bureau De Change operators with a total of $15.63bn during the period while $4.23bn and $7.64bn were used to fund wholesale forwards and importers and exporters segment of the foreign exchange market. He attributed the relative stability in the foreign exchange market largely to the continued intervention of the CBN.
“They also bring money that we also allowed to reflect market realities and that is another autonomous source. The development means that majority of Nigerians are vulnerable to risks and shocks, according to the World Bank. Estimates from the General Household Panel Survey showed that between 2011 and 2016, coverage of social safety nets did not improve.
The National Cash Transfer Programme covered 297,010 beneficiaries, Youth Employment and Social Support Operation was extended to 30,410 Nigerians, while Tradermoni recorded 1,102,793 beneficiaries.
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