Trading On CBN Investors & Exporters FX Window Hits $26bn

The Central Bank of Nigeria’s Investors and Exporters foreign exchange window recorded approximately $26bn transactions in 2017, the FMDQ OTC Securities Exchange data revealed on Monday.

The FX window was established by the CBN in April 2017 on the aftermath of the foreign exchange crisis that hit the country following the 2014 global crash in the prices of crude oil, Nigeria’s main foreign exchange earner, and the exit of foreign portfolio investors from the country.

Specifically, the total turnover of trading on the I&E window hit $25.64bn in December 2017, approximately nine months after the window was established.

The FMDQ OTC Securities Exchange data revealed that $0.61bn turnover was recorded in April while $1.32bn was recorded in May.

Turnovers in June, July and August last year were $1.63bn, $1.86bn, $3.54bn, respectively.

In September, it increased to $4.61bn, while $4.3bn was recorded in October.

The total turnover trade on the I&E FX window in November and December were $4.51bn and $3.27bn, respectively.

The window was meant to boost supply of foreign exchange into the nation’s economy, attract more investments and stabilise the foreign exchange market.

The CBN Governor, Mr. Godwin Emefiele, had in October said the investors’ window recorded $10bn inflow into Nigeria during the first six months of its creation.

He said the window had helped the country to achieve exchange rate stability and convergence.

Source: PUNCH