In order to stabilize the naira’s value over a five-month period, the Central Bank of Nigeria infused $7.6 billion into the economy.
This information was gathered from the banking regulator’s monthly economic reports on changes in the foreign currency market.
The CBN interfered in the markets with $1.65 billion, $1.39 billion, and $1.82 billion, per the reports, while the interventions totaled $1.56 billion and $1.18 billion in April and May, respectively.
The CBN upheld the official rate of the naira to the dollar at N427.76. However, on Thursday, the naira was bought and sold for N690 and N700 on the black market.
Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN), indicated earlier this year that the CBN would discontinue selling foreign currency to deposit money banks by the end of 2022. Prior to 2021, it ceased allocating foreign currency to operators of Bureau de Change.
The CBN governor introduced the “RT200 FX Programme” scheme to increase the country’s currency supply through the non-oil industry in the next three to five years.
