The Central Bank of Nigeria (CBN) 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) to provide liquidity to the Fx market. The transactions were conducted on July 22 and 23, 2024.
Revealing this in Abuja on Friday, July 26, 2024, the Acting Director of the Corporate Communications Department, Mrs. Hakama Sidi Ali, underscored the transparency of the CBN’s 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.
Mrs. Sidi Alli also stated that 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 and N1,530.00/US$1 on Thursday, July 18, and Friday, July 19, 2024.
She reiterated the CBN Governor’s commitment to stabilizing the foreign exchange market. The Governor has assured that the Bank will continue to address the supply gap to ensure the market stability.
