The Nigerian Autonomous Foreign Exchange Market (NAFEM) is tracked by the FMDQ Securities Exchange, and their data reveals that just $581 million has been sold by the central bank on the official market.
Thus, the CBN's sales during the same period only accounted for 3.2% of the $17.9 billion total market turnover.
Additionally, the data revealed that the CBN purchased dollars from banks twice throughout the time frame.
For a total of $80 million, there were two transactions: one for $50 million on March 28 and the other for $30 million on March 27.
The overall CBN interventions amount to $661 million when the $80 million that the apex bank has sold to Bureau de Change operators this year (after lifting a three-year restriction) is taken into account.
Nigeria's foreign reserves, on the other hand, decreased by $2.16 billion over the previous month.
However, that amount is more than twice as much as the CBN's total market interventions.
Daily Trust reported that the reserve decline did not affect foreign exchange sales, according to NAFEM data.
The CBN reports that $3.07 billion of the $6.11 billion in total outflows during this time were used to pay down external debt.
