The Central Bank of Nigeria (CBN) injected $5.62bn into the foreign exchange market in the fourth quarter of 2020, as part of efforts to ensure the stability of the naira,
This represents an increase of N1.25bn from $4.37bn intervention in the economy by CBN in the third quarter.
“The bank maintained its periodic interventions in the foreign exchange market to boost liquidity, enhance access to foreign exchange, curb unbridled demand and ensure stable exchange rate.
“During the fourth quarter of 2020, total foreign exchange sales to authorised dealers by the bank stood at $5.62bn, an increase of 28.7 per cent above the level in the preceding quarter.
“This was attributed, largely, to the increased interventions in the BDC and I&E windows during the quarter,” the bank said in its report.