4 months ago
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The Central Bank of Nigeria, CBN, says it has sold a cumulative amount of US$148,000,000.00, One Hundred and Forty-Eight Million United States Dollars) to authorised dealers in the Nigerian Foreign Exchange Market, NFEM.
A statement by the Acting Director of the Corporate Communications Department, Mrs Hakama Sidi Ali, said the move is to provide liquidity to the FX market.
Ali said the transactions were conducted on July 22 and 23, 2024, saying, noting the transparency of the CBN operations.
She disclosed that the CBN sold foreign exchange (FX) to 29
Authorized Dealer banks at exchange rates between N1470.00/US$1 and N1510.00/US$1.
The statement said, ” the value dates for all transactions conducted on July 22 and 23, 2024, were T+0 and T+1 for sales at the later part of each day. It will be recalled that the CBN also sold a total of US$106,500,000.00 (One Hundred and Six Million and Five Hundred Thousand US Dollars Only) to 29 (Twenty- Nine) Authorized Dealer banks at rates between N1,498.00/US$1 andN1,530.00/US$1 on Thursday, July 18, and Friday, July 19, 2024.”
She reiterated the CBN Governor’s commitment to stabilizing the foreign exchange market., saying the Governor has assured that the Bank will continue to address the supply gap to ensure market stability.
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