The Central Bank of Nigeria (CBN) sold a cumulative amount of US$148m to Authorised Dealers in the Nigerian Foreign Exchange Market (NFEM) to provide liquidity to the Fx market.
The transactions were conducted on Monday July 22 and Tuesday 23, 2024.
The Acting Director of Corporate Communications Department, Mrs. Hakama Sidi Ali, who made the disclosure on Friday, highlighted 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 the T+0 (transaction date) and (T+1) one day after transaction date 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.