The Central Bank of Nigeria, CBN, in a bid to defend the naira, injected $2.1 billion into the Investors and Exporters (I&E) window, in the seven months to July this year (7mths-2021).
This represents a 238 per cent increase when compared with the $621.1 million injected into the I&E window in the corresponding period of 2020 (7mths-2020).
Furthermore, the amount injected in 7mths-2021, represents a 47 per cent increase when compared with the $1.43 billion injected in the corresponding period in the pre-COVID year of 2019, (7mths-2019).
Financial Vanguard findings from the CBN’s data on monthly intervention in the I&E window shows that the highest amount of $474.65 million was recorded in April while the lowest amount of $195.91 million was recorded in June.
As a result of the increased CBN intervention, the naira was relatively stable during the 7mths-2021 period.
However,…