By Chris Agabi
The Central Bank of Nigeria (CBN) has sold a total of US$543.5 million (Five Hundred and Forty-Three Million, Five Hundred Thousand US Dollars Only) from September 6th to 30th, 2024, to Authorized Dealers to reflate the direct market.
The CBN sold the forex to the dealer banks through two-way quotes at the Nigerian Foreign Exchange Market (NFEM) on 11 dealing days.
Data released by the CBN and signed by Dr. Omolara O.Duke, Director, Financial Markets Department indicated that “the FX spot sales was to reduce observed market volatility driven by high demand for commodity importation and seasonal demand for FX.”
“The value dates for all the transactions were T+2” the circular noted.
Dr. Duke noted the CBN wishes to educate and provide guidance to the general public on the pricing of FX by taking a clue from the range of rates at which FX was sold by the CBN to Authorized Dealer banks.
“The CBN will continue to facilitate the supply of FX into the NNigerian Foreign Exchange Market (NFEM) as part of its holistic FX Management strategy” she further explained.
