CBN Forex Sales to Authorised Dealers decline 24.65% to $21.82bn

May 23, 2022 0 By Admin


 The Central Bank of Nigeria (CBN) sold a total of $21.82billion foreign exchange to authorised dealers in 2021, compared with the $28.96billion sold by the apex bank in 2020, representing a decline of 24.65 percent.

The CBN in its latest economic report disclosed that total foreign exchange sales to authorised dealers was at  $1.65 billion in January, representing a decrease of 3.1 percent, relative to $1.71 billion in December 2021.

A breakdown of the report revealed that foreign exchange sales at the SME window, interbank/invisible foreign exchange sales, and matured swaps contracts rose by 24.4 percent, 25.9 percent, and 60.8 percent to $0.14 billion, $0.18 billion, and $0.21 billion, respectively, in January, relative to the amount in December 2021.

The disaggregation of authorised dealers accessing foreign exchange are those at Investors’ and Exporters’ (I&E) windows, Retail Secondary Market Intervention Sales (SMIS), Small and Medium Enterprises (SMEs), and interbank sales, Swap and the Bureau De Change (BDC) operators. According to the report, “However foreign exchange sales to the I&E and SMIS windows fell by 13.7 percent and 16.3 percent to $0.58 billion and $0.54 billion, respectively, in the month under review.
Meanwhile,the Director General of the Nigeria Civil Aviation Authority (NCAA), Captain Musa Nuhu has said that Nigeria is initiating a Fly-2-Green Nigeria Program to help carbon emission reduction. Nigeria, he noted, is faced with a host of climate change challenges, including the highest deforestation in the African sub-region. He stated that the programme is engineered to launch the first Green Aviation Marketplace program in Africa and promote progressive possibilities that profit the people and the planet through climate smart ESG efficient programs that guarantee Green and Blue Economic Growth for the United Nations Global Green Goals Agenda. Nuhu who spoke on the theme: “Green Flight to Eco-System Conservation in Nigeria Mobilizing Market-Based Measures for Sustainable Aviation in Nigeria,” at the just concluded AFI Week in Abuja, said research indicates that the African continent which is responsible for less than 3 per cent of global emissions would bear the brunt of over 60 per cent of global Green-House Emissions effects.