Forex Supply of $15.2 Billion via Official Window by Nigeria

The Nigeria’s foreign exchange supply through the official window has increased to $15.2 billion in 2022, according to data from the Central Bank of Nigeria (CBN).  

This represents a 17.7% increase from the $12.9 billion recorded in 2021 and a 46.4% increase from the $10.4 billion recorded in 2020. 

The official window comprises the Wholesale Dutch Auction System (WDAS)/Retail Dutch Auction System (RDAS), the Interbank market, the Bureau De Change (BDC) market, and the Investors and Exporters (I&E) window, as well as the Small and Medium Enterprises (SME) and Invisibles segments. 

Breakdown of the forex supply through the official window in 2022 is as follows: 

CBN assures Dangote of Forex to finance $14bn refinery

The Central Bank of Nigeria (CBN) has given assurance to Dangote Group that it will support it access Foreign Exchange, Forex to build its proposed $14 billion refinery in the country.

 

Mr. Godwin Emefiele, the Governor of the CBN, said this during a tour of the refinery which is projected to refine 650,000 barrels of crude oil per day.

The tour of the facility held at its location within the Lekki Free Trade Zone in Lagos.

The CBN governor said that the support was to ease the importation of equipment needed to bring the Dangote refinery to reality.

LCCI says Businesses have lost N1.46tn to Forex Shortage – LCCI

The Lagos Chamber of Commerce and Industry said private operators have lost about N1.46tn as a result of the foreign exchange constraints being experienced in the country over the last six months.

This is coming just as the Federal Inland Revenue Service has hinted the citizens will pay higher taxes from next year as a means of shoring up the nation’s revenue.

Nigeria Currency drops to 251/dollar, external reserves now $29.7bn

The naira crashed further against the dollar from 247 last Thursday to 251 on Saturday at the parallel market.

This came barely one week after the Central Bank of Nigeria cut foreign exchange supply to Bureau De Change operators.

 

The central bank had during its weekly forex sale to the BDCs last Wednesday refused to sell forex to operators that failed to render returns on the utilisation of previous forex bought at the official window.