Average daily forex turnover increases by $210m at I&E window

THE average daily foreign exchange (Forex) turnover at the Investors and Exporters  (I&E) window is now over $250 million, up from $40 million in April 2020, representing a $210 million increase compared to what it was over 18months ago.

Records from the Central Bank of Nigeria (CBN) document show that the naira has remained largely stable around N411/US$1 at the I&E window particularly since the discontinuation of Forex allocation to Bureau De Change operators along with the convergence between the CBN and NAFEX rates.

According to the CBN document, banks are now able to meet the demands of their customers seeking forex for Small and Medium Scale Enterprises (SMEs), school fees, medical and PTAs, which has reduced the need of customers to rely on alternative providers of foreign exchange.

Meanwhile, the CBN governor Mr. Godwin Emefiele over the weekend

said CBN’s demand management policy, in addition to support from the successful issuance of the $4 billion Eurobond and the International Monetary Fund (IMF) Special Drawing Right (SDR), the country’s external reserves today stands at over $41.4 billion which is enough to support nine months of imports.

“This is not just a morale booster for both foreign direct and portfolio investors willing to invest in the economy, but it provides significant fire power to support our domestic industries that need to import critical machines and equipment for domestic production and exports,” he emphasized.

He also expressed concern that Nigeria’s economic growth remains fragile, as “our unemployment and inflation rate remain at levels that are not very supportive of growth.”

According to him, continued implementation of CBN’s intervention efforts would need to be undertaken to sustain the recovery efforts and stimulate further growth of the economy.

“Given the population growth at about 2.7 per cent annually, it is important that we continue to deploy measures that will enable our economy to attain annual growth rates of over five per cent,” Emefiele said at a bankers dinner in Lagos.

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