To ensure liquidity, the Central Bank of Nigeria injected over $42.3bn into the foreign exchange market between April 2018 and March 2019.
In the second quarter of 2018, the apex bank injected about $7.89bn into the market, while in third quarter of last year, the injection of liquidity into the forex market by the CBN rose to $11.88bn.
However, the figure dropped to $10.72bn in the fourth quarter before rising to $11.81bn as of the end of March this year.
The Director, Corporate Communications Department, Isaac Okorafor, attributed the relative stability in the forex market largely to the continued intervention of the CBN.
He said the apex bank would continue to come up with measures that would ensure the value of the naira appreciates in the forex market.
He said, “The Importers and Exporters window was formed basically to sustain that market. We also have international money transfer operators. They also bring money that we also allowed to reflect market realities and that is another autonomous source.
“The currency swap has helped to stabilise the market. Because these are the demand that would have found itself in the dollar segment of the market.
“So we have been able to remove that and that also has helped to maintain stability”, he added.