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Home Business News

Here Is How Much Dollars The CBN Sold In The 1st Half of 2016

Nairametrics by Nairametrics
September 26, 2016
in Business News, Currencies, Spotlight
Get Ready: $1= N285 Official Rate Could Be Coming Soon
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The Central Bank of Nigeria has released its 2016 half-year economic report detailing activities in the monetary and fiscal segments of the economy. In one of the segments, the CBN reported that it as sold about $7.8 billion in forex to the interbank market as well as via swaps

According to the bank, a total of US$4.31 billion was sold by the CBN to authorized dealers during the second quarter of 2016. This reflected an increase of 22.7% above the level in the preceding quarter, but a decline of 41.5% relative to the level in the corresponding period of 2015. The development, relative to the preceding quarter, was attributed to the increased intervention by the CBN at the forex market and swap transactions. Of the aggregate, inter-bank and swaps sales were US$3.11 billion and US$1.20 billion, respectively.

Here is a breakdown

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Q4-14Q1-15Q2-15Q3-15Q4-15Q1-16Q2-16
Forex Sales at rDAS/Interbank10.898.174.684.853.782.753.11
Supply of Swapsnil1.001.251.501.200.741.20
Supply of Forex to BDC0.430.860.971.240.870.020.00
Total Forex Supply(BDC and rDAS)12.7410.927.358.047.013.514.31

Source: CBN

At $4.3 billion the CBN has now sold about 50% less than what it sold same period last year. In fact, the N7.8 billion sold in the first half of 2016 is about $5 billion lower than the $12.74 billion sold in the second quarter of 2014 when the economy was still rich.

The Government has been battling with lower dollar reserves resulting in a 70% depreciation of the naira at the interbank market. The external reserves is now below $25 billion and barely enough to take care of two months of imports.


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Nairametrics

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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