{"id":28109,"date":"2024-04-19T08:48:45","date_gmt":"2024-04-19T08:48:45","guid":{"rendered":"https:\/\/abujacityjournal.com\/livenews\/?p=28109"},"modified":"2024-04-19T08:48:45","modified_gmt":"2024-04-19T08:48:45","slug":"cbns-fx-interventions-total-581-million-says-fmdq","status":"publish","type":"post","link":"https:\/\/abujacityjournal.com\/livenews\/2024\/04\/19\/cbns-fx-interventions-total-581-million-says-fmdq\/","title":{"rendered":"CBN&#8217;s FX Interventions Total $581 Million, Says FMDQ"},"content":{"rendered":"<div class=\"flex-1 overflow-hidden\">\n<div class=\"react-scroll-to-bottom--css-bdsyd-79elbk h-full\">\n<div class=\"react-scroll-to-bottom--css-bdsyd-1n7m0yu\">\n<div class=\"flex flex-col text-sm pb-9\">\n<div class=\"w-full text-token-text-primary\" dir=\"auto\" data-testid=\"conversation-turn-33\">\n<div class=\"px-4 py-2 justify-center text-base md:gap-6 m-auto\">\n<div class=\"flex flex-1 text-base mx-auto gap-3 juice:gap-4 juice:md:gap-6 md:px-5 lg:px-1 xl:px-5 md:max-w-3xl lg:max-w-[40rem] xl:max-w-[48rem]\">\n<div class=\"relative flex w-full flex-col agent-turn\">\n<div class=\"flex-col gap-1 md:gap-3\">\n<div class=\"flex flex-grow flex-col max-w-full\">\n<div class=\"min-h-[20px] text-message flex flex-col items-start gap-3 whitespace-pre-wrap break-words [.text-message+&amp;]:mt-5 overflow-x-auto\" dir=\"auto\" data-message-author-role=\"assistant\" data-message-id=\"c60c0904-40ca-4b2e-b3e2-3dbb721c254b\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<p>Data from the FMDQ Securities Exchange reveals that the Central Bank of Nigeria (CBN) has expended $581 million on foreign exchange interventions in the Nigeria Autonomous Foreign Exchange Market this year.<\/p>\n<p>During the ongoing 2024 Spring Meetings of the International Monetary Fund and the World Bank in Washington DC, CBN Governor Dr. Olayemi Cardoso emphasized that the apex bank is not utilizing the country\u2019s external reserves to safeguard the value of the naira.<\/p>\n<p>The FMDQ data indicates that the CBN&#8217;s sales of $581 million in the official market represent only 3.2 percent of the total market turnover of $17.938 billion during the same period. Additionally, the CBN has sold approximately $60 million to Bureau De Change (BDC) operators over the past two months since it resumed dollar sales to them this year. This suggests that the recent appreciation of the naira is not solely attributed to CBN interventions.<\/p>\n<p>As of April 15, 2024, CBN&#8217;s FX reserves stood at $32.29 billion, down from $34.45 billion recorded on March 18, 2024. Cardoso attributed this decline to debt repayments, highlighting that such fluctuations are typical in maintaining a country&#8217;s credibility.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Data from the FMDQ Securities Exchange reveals that the Central Bank of Nigeria (CBN) has expended $581 million on foreign exchange interventions in the Nigeria Autonomous Foreign Exchange Market this year. During the ongoing 2024 Spring Meetings of the International Monetary Fund and the World Bank in Washington DC, CBN Governor Dr. Olayemi Cardoso emphasized [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":28117,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[],"class_list":["post-28109","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/28109","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=28109"}],"version-history":[{"count":3,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/28109\/revisions"}],"predecessor-version":[{"id":28125,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/28109\/revisions\/28125"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/28117"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=28109"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=28109"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=28109"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}