CBN moves to stabilize naira, sells $148m to authorised dealers

The Central Bank of Nigeria, CBN, has revealed that it recently sold a cumulative amount of 148 million dollars to authorised dealers in the Nigerian Foreign Exchange Market, NFEM.

The apex bank’s acting Director, Corporate Communications Department, Mrs Hakama Sidi-Ali, said in a statement that the transactions were conducted between Monday and Tuesday to provide liquidity to the FX market.

Sidi-Ali stated that the CBN sold FX to 29 authorised dealer banks at exchange rates between N1,470 to a dollar and N1,510 to one dollar.

She reiterated the commitment of Yemi Cardoso, the CBN Governor to stabilising the foreign exchange market.

According to her, Cardoso had assured that the CBN will continue to address the FX supply gap to ensure market stability.

NAN recalls that the CBN also sold a total of 106.5 million dollars to 29 authorised dealer banks at rates between N1,498 and N1,530 to one dollar.