CBN sells US$8,287.52m at forex market H1

The Central Bank of Nigeria (CBN) sold a total of US$8,287.52 million at the foreign exchange market in the first half of 2019, according to half year activity report by the Central Bank of Nigeria (CBN) released on Monday.

This comprised US$2,142.63 million at the Inter-bank spot, US$550.70 million for Invisibles, US$810.00 million for SMEs, US$212.11 million at the I&E window and US$4,572.03 million as Forwards sales. On the other hand, the Bank purchased US$9,368.92 million at the inter-bank segment, hence a net purchase of US$1,081.40 million by the Bank. At the Forwards segment, the sum of US$4,979.46 million matured, while US$2,552.01 million was outstanding at end-June 2019.

In the corresponding period of 2018, US$9,499.91 million was sold at the Inter-bank segment, comprising US$1,546.43 million at the Inter-bank spot, US$768.70 million for Invisibles, US$637.00 million for SMEs, US$1,236.69 million at the I & E window and $5,311.09 million as Forwards sales. The Bank purchased US$6,436.47 million at the inter-bank segment, resulting in a net sale of US$3,063.44 million.

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Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.