The Central Bank of Nigeria (CBN) says foreign currencies worth $106.5 million were sold to authorised dealers on Thursday and Friday.
In a statement on Friday, CBN said it also bought foreign currencies worth $9.5 million from four authorised dealers.
“The Central Bank of Nigeria (CBN) wishes to inform the general public that recent movements in the foreign exchange market are driven largely by demand pressure from corporate entities and the expected seasonal uptick during the summer period,” the apex bank said.
The CBN, therefore, assured the public it has commenced a regular sale of foreign exchange (FX) through authorised dealer banks and licenced bureaux de change (BDCs) to improve supply in the FX market in tandem with its price stability mandate and commitment to ensuring a well-functioning and liquid market.
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Over the coming weeks, the CBN said it would continue to support various segments of the official markets with liquidity.
“In line with the above, the CBN on Thursday, July 18 and Friday, July 19, 2024, sold a total sum 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 between an exchange rate range of N1,498.00/US$1 to N1,530.00/US$1,” the apex bank said.
“In addition, it bought US$9,500,000 (Nine Million and Five Hundred Thousand Dollars) from 4 (Four) Authorized Dealer banks at rates between N1,510.00/US$1 and N1,550.00/US$1. The value date for all the transactions is July 19, 2024.
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“Additionally, the CBN will continue closely monitoring compliance with existing trading rules and regulations by authorized dealer banks to promote ethical conduct and support the drive to achieve stability in the foreign exchange market.”
CBN advised the public to direct FX demand to their banks and BDC operators in accordance with prevailing market regulations.
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