CBN offers $541m in three days, reserves steady at $47b
Transactions at the nation’s autonomous foreign exchange market- the Investors and Exporters (I&E) Window, hit a record $1.7 billion in one week, despite relative losses by the local unit across segments.
The huge transactions, which also indicated a resurging confidence in the forex market, came amid the take off of the three-time weekly auctions for the Bureau De Change (BDC) operators, mandated by the Central Bank of Nigeria (CBN).Already, CBN’s data on Purchasing Managers’ Index (PMI) for May 2018, showed sustained expansion in both the manufacturing and non-manufacturing sectors for the 14th and 13th consecutive months respectively, riding on increasing forex.
This persistent improvement was attributed largely to the positives that have translated into improved access to forex by businesses, particularly since the launch of Investors’ and Exporters (I&E) FX window in April 2017.The manufacturing PMI expanded to 56.5 points, growing at a slower pace compared to 56.9 points recorded in April 2018, due to a slower increase in two components of the index – Inventories (58.7 points) and new orders (54.9 points).
Read more: Guardian