WATCH THE VIDEO HERE The Central Bank of Nigeria (CBN) has sold a cumulative amount of $148 million to Authorized Dealers. According to a statement on Friday, the transactions, conducted on July 22 and 23, 2024, aim to provide much-needed stability in the FX market. The statement noted that Mrs. Hakama Sidi Ali, the Acting Director of the Corporate Communications Department at the CBN, made this announcement in Abuja. She highlighted the transparency of the CBN’s operations, revealing that the foreign exchange was sold to 29 Authorized Dealer banks at exchange rates ranging between N1,470.00$1 and N1,510.00/$1. Mrs. Sidi Ali also specified that the value dates for all transactions conducted on July 22 and 23, 2024, were T+0 and T+1 for sales made later in the day. The statement from the CBN read: “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.” The statement noted that the apex bank would continue to address the supply gap to ensure market stability. The latest sale is the third to authorized FX dealers this month as the CBN tries to boost liquidity in the FX market. Just last week, the CBN announced the sale of $106.5 million as foreign exchange (FX) to 29 FX dealer banks. These sales from the CBN come at a time when the exchange rate has broken through the N1,600 ceiling amid rising demand pressure.
CBN sells $148 million to 29 forex dealers as naira faces demand pressure
