Data showing the Central Bank of Nigeria (CBN)’s rare interventions in the foreign exchange market prove that it is not defending the naira with its foreign reserves.

Data from FMDQ Securities Exchange shows the CBN has only sold $581 million in the official market, otherwise known as NAFEM, this year.

That means the CBN’s sales accounts for only 3.2 percent of the total market turnover of $17.938 billion in the same period.

The data which shows the paltry dollar sales of the CBN in the FX market contradicts claims that the Abuja-based bank has been burning through its reserves to defend the naira.

The apex bank has also sold around $60 million to BDCs over the last two months since it resumed dollar sales to them this year. That’s yet more proof that the naira appreciation seen over the last month is not being driven by CBN interventions.
https://twitter.com/BusinessDayNg/status/1780865877329498541

Playing with words.... Are u defending naira or not.?? If u like use reserve, if u like use newly generated money, shaaa use something...we don't care....

.just make sure u the exchange rate to 216 naira the figure u criticized Jonathan for in 2015 or at least the 700naira u met it when u took over from the retired general ..make price of things come down...

Who audits the CBN? Nobody, obviously!
It's the information the officials give you will accept.

I just hope another administration doesn't come in and tell us a different story as that was the case of Buhari CBN and Tinubu CBN.

I can't remember the last time I ate statistics.

My only concern be say make price of garri come down

advanceDNA:
Playing with words.... Are u defending naira or not.?? If u like use reserve, if u like use newly generated money, shaaa use something...we don't care....

.just make sure u the exchange rate to 216 naira the figure u criticized Jonathan for in 2015 or at least the 700naira u met it when u took over from the retired general ..make price of things come down...

u are igbo

It’s easy to identify your comment

Even if tinubu brings back 1 naira to 1 dollar u igbos will still complain

Reality3080:
u are igbo

It’s easy to identify your comment

Even if tinubu brings back 1 naira to 1 dollar u igbos will still complain

Sigh.....

Tribal bigot.....U people are irritating fa! Anybody not worshipping wateva nonsense this government is doing must be igbo?? Is that how limited to the one digit ur IQ is??

Bring exchange rate down so price of goods down...na only igbo go enjoy am..?? Werey

advanceDNA:


Sigh.....

Tribal bigot.....U people are irritating fa! Anybody not worshipping wateva nonsense this government is doing must be igbo?? Is that how limited to the one digit ur IQ is??

Bring exchange rate down so price of goods down...na only igbo go enjoy am..?? Werey

are u igbo or not?


I want to check something, oya deny your forefathers

All these propaganda... Maximum is 18 months we would all know the truth

It's not by sentiments

Like fuel subsidy like naira defending

advanceDNA:
Playing with words.... Are u defending naira or not.?? If u like use reserve, if u like use newly generated money, shaaa use something...we don't care....

.just make sure u the exchange rate to 216 naira the figure u criticized Jonathan for in 2015 or at least the 700naira u met it when u took over from the retired general ..make price of things come down...

If the exchange rate goes to what it was in 2015,will you allow your company to review your salary downwards to what you earn in 2015?