• World
  • Columnist
  • Commodities
  • WORLD BUSINESS & ECONOMY
  • Executive Knowledge Series
  • Finance
  • Manufacturing
  • Markets
  • Risk & Governance
  • Small Business
  • Technology, Media & Innovation
  • Comments
  • Business AM WebTV
  • Login

Businessamlive
  • FRONTPAGE
  • FINANCE
    • AllAsset ManagementAuditBankingBondBudgetCapital MarketsC&I LeasingCurrencyDealDebt marketForexFund RaisingFundingGovernmentHedge FundsInsuranceInvestmentInvestorInvestor ServicesMergers & AcquistionsMoney marketTreasury BillsMortgagePensionsPersonal financePonziQuantitative EasingshareTaxationTSAWealth Management
      Finance

      Decent first 2021 auction for DMO, but drive to finance FGN deficit still poses a challenge

      7 hrs

      Finance

      Exposing Nigeria’s vulnerabilities: Covid-19, crude oil downsides from weak global macro environment

      7 hrs

      Finance

      Nigeria, Africa remittances on target as Wari, Lycaremit sign partnership

      January 21, 2021

      Companies

      Total Nigeria, Mixta, Valency, list new CPs on FMDQ platform to enhance financial markets development

      January 19, 2021

  • MARKETS
  • ECONOMY
    • AllAfricaAgricAirportsAmericaAsiaAustraliaBreakthroughDealEuropeForeign InvestmentsforexGlobal marketGovernanceIMFMiddle EastNECANigeriaOutlookRich listSouth AfricaSport BusinessTradeU.KWest AfricaWorld Economic forum
      Frontpage

      SDG: Covid-19 magnifies financing gap in developing countries by 70%, says OECD

      5 hrs

      Frontpage

      Africa startups received $2.44bn investment with marginal drop in 2020

      17 hrs

      Markets

      Nairobi Stock Exchange pushes expansion plans with more listings in 2021, says CEO

      January 23, 2021

      Africa Investment Forum

      Africa’s $60bn losses in illicit capital flows due to multinationals’ tax avoidance, says AfDB Adesina

      January 22, 2021

  • COMMODITIES
  • ENERGY
    • AllConferenceElectricityOil and GasPowerRenewable
      Oil and Gas

      Nigeria’s electricity DisCos create imbalance costing N20.5bn in 3 weeks  

      20 hrs

      Companies

      Appeal Court suspends order against shutting of SEPLAT headoffice

      January 23, 2021

      Frontpage

      OPEC welcomes push for electric vehicles, but says fossil fuel remains strong

      January 21, 2021

      National: Governance, Policy & Politics

      Nigeria ramps up domestic LPG consumption above 1MMT, says PPPRA

      January 20, 2021

  • TECHNOLOGY
  • MANUFACTURING
  • ANALYSIS
    • Analyst Insight

      Misconstruing Data Protection Officer function within organisations

      January 25, 2021

      Analyst Insight

      CBN meeting and NSE in focus

      January 18, 2021

      Analyst Insight

      Once again, fiscal stimulus takes centre stage

      January 18, 2021

      Analyst Insight

      Organisations must learn from the WhatsApp story  

      January 18, 2021

Frontpage

CBN funded forex market with $11.5bn in Q1 – CBN

July 7, 2020352 views0 comments

CBN funded forex market with $11.5bn in Q1 – CBN

Amid forex supply limitations, the Central Bank of Nigeria funded the the forex market with a total of $11.5bn during the first quarter of the year 2020.

Data from the CBN on the supply of forex showed that $2.96bn, $3.39bn and $4.7bn were injected into the market in January, February and March respectively.

The investors’ and exporters’, small and medium enterprises and invisible segments got a total of $7,23bn; the Bureau De Change segment got $3.6bn, while the interbank and WDAS/RDAS got the rest.

Read Also:

  • Africa’s $3bn+ data centre market presents opportunities
  • Africa opens world’s largest single market (4)
  • Nigeria market expects maize price drop to N120,000 per tonne
  • Bullish insurance, industrial sectors see N50.3bn rise in Nigeria bourse…

According to the data, a total of $14.72bn was injected into the market in 2018 while $28.55bn was injected in 2019.

Due to the COVID-19 pandemic which led to the introduction of lockdown in the country in April, the bank suspended sales of forex to the market.

It, however, commenced partial sales in May to all commercial banks to cater for parents and the SMEs making essential imports needed to revamp economic activities across the country.

The CBN said it had resumed the provision of over $100m per week for school fees and the SMEs to adequately meet eligible demands from customers.

Commercial banks that were receiving supplies also said they were giving qualified SMEs the opportunity to bid for forex.

The Director, Corporate Communications, CBN, Isaac Okorafor, had said, “The CBN has also made complete arrangements to resume foreign exchange sales to the BDC segment of the market for business travels, personal travels and other designated retail uses, as soon as international flights resume.”

He had stated that the market continued to enjoy stability, owing to the regular interventions by the bank, which he said had also guaranteed a stable exchange rate for the naira.

Okorafor said the bank remained committed to ensuring that all the sectors of the forex market continued to have access to the needed foreign exchange.

Share on Facebook Tweet Email
TagsCBN Forex Forex market
PreviousChallenges facing African insurance market – AIB
NextFive years of the New Deal on Energy for Africa

Leave a comment

- Cancel reply

MARKET DATA

Market Videos

Recent Posts

  • Unilever Nigeria cuts operating loss significantly as revenue rises 1.3% to N61.6bn
  • Bargain hunters feast on Airtel, MTN, Lafarge as Nigeria bourse swings higher
  • SDG: Covid-19 magnifies financing gap in developing countries by 70%, says OECD
  • Nigerian university agriculture institute researchingflood resistant maize
  • CBN’s MPC keeps MPR at 11.50% in line with analysts’ expectations

World

Africa

Buhari, Okonjo-Iweala congratulate Adesina over reelection as AfDB President

Europe

EU businesses to cut investments in 2020, says EIB report

America

U.S. increases cost of visa application for Nigerians

Africa

Thatcher-Loving Nigeria Candidate Plans to Overhaul Economy

Africa

AfDB scales up industrialization pace on the continent, delivers improved business access to finance, skills, energy

Frontpage posts

0

Market Illiquidity: Experts advocate diversifying investment options through global best practices

Frontpage October 29, 2020

1
2

CBN reschedules November MPC meeting

Frontpage November 18, 2018

3

Nigeria Customs risks N1bn loss as ECOWAS trade suffers

Frontpage August 26, 2019

4

Investor entry window widens as equities pullback with N10bn weekly loss

capital market July 20, 2020

5

Access Bank issues tier II N30bn local bond

Frontpage July 29, 2019

SUPPORT

  • Photo Gallery
  • Help Centre
  • About Us
  • Accessibility

LEGAL & PRIVACY

  • Terms & Conditions
  • Privacy
  • Cookies
  • Copyright

SERVICES

  • Conferences & Events
  • Analysts Research
  • Advertising Rate
  • Ebooks

TOOLS

  • Portfolio
  • Newsletters
  • News feed
  • Currency Converter

SUBSCRIBE

Join us to get latest updates on business related news.

[mc4wp_form id="3076"]
  • ABOUT US
  • CONTACT US
  • CAREERS
  • TERMS & CONDITIONS
  • PRIVACY POLICY
Copyright 2017. All rights reserved. BusinessAMLive. A Businessnewscorp Member Company.