Dollar-Naira Exchange: CBN sells $106.5m to authorized dealers, BDCs in two days

The Central Bank of Nigeria says it sold $106.5 million in Foreign currency to authorized dealers and legible Bureau De Change Operators on Thursday and Friday to boost FX supply at various segments of the market.

CBN disclosed this in a statement on Friday signed by Omolara Duke.

The apex said the transactions were on-the-spot FX sales made to dealers in the last 48 hours between N1,498.00 and N1,530.00 per dollar exchange rate amid FX demand pressure.

CBN added that it bought $9.5 million from four authorized dealers in the period under review at N1,510.00 and N1,550.00 per dollar.

“Over the next few weeks, the CBN will continue to support various segments of the official markets with liquidity.

“In line with the above, the CBN on Thursday, July 18 and Friday, July 19, 2024, sold a total sum 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 between an exchange rate range of N1,498.00/US$1 to N1,530.00/US$1.

“In addition, it bought US$9,500,000 (Nine Million and Five Hundred Thousand Dollars) from 4 (Four) Authorized Dealer banks at rates between N1,510.00/US$1 and N1,550.00/US$1. The value date for all the transactions is July 19, 2024,” it stated.