The Central Bank of Nigeria (CBN) has sold a cumulative $148 million to authorized dealers in the Nigerian Foreign Exchange Market (NFEM) to enhance liquidity in the market.
The transactions took place on July 22 and 23, 2024.
Announcing this in Abuja on Friday, the Acting Director of the Corporate Communications Department, Hakama Ali, emphasized the transparency of the CBN’s operations.
Ali revealed that the CBN sold foreign exchange to 29 authorized dealer banks at exchange rates ranging from ₦1470.00/$1 to ₦1510.00/$1.
She also mentioned that the value dates for all transactions conducted on July 22 and 23, 2024, were T+0 and T+1 for sales completed later each day.
It is noteworthy that the CBN had previously sold a total of $106.5 million to 29 authorized dealer banks at rates between ₦1,498.00/$1 and ₦1,530.00/$1 on Thursday, July 18, and Friday, July 19, 2024.
Ali reiterated the CBN governor’s commitment to stabilizing the foreign exchange market and assured that the bank will continue to address the supply gap to ensure market stability.
