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