CBN Sells Another $148m To Authorised Dealers

CBN has sold another $148m to authorised dealers.

Glamtush reports that the Central Bank of Nigeria (CBN) has sold a cumulative amount of $148m to authorised dealers in the Nigerian Foreign Exchange Market (NFEM), to provide liquidity to the foreign exchange market.

The transactions were conducted on July 22 and 23, 2024.

Revealing this in Abuja on Friday, the Acting Director of the Corporate Communications Department, Hakama Ali, underscored the transparency of the CBN’s operations.

She disclosed that the CBN sold foreign exchange to 29 authorised dealer banks at exchange rates between ₦1470.00/$1 and ₦1510.00/$1.

Ali 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.

It would be recalled that the CBN also sold a total of $106.5m to 29 authorised dealer banks at rates between ₦1,498.00/$1 and ₦1,530.00/$1 on Thursday, July 18, and Friday, July 19, 2024.

She reiterated the CBN governor’s commitment to stabilising the foreign exchange market.

The governor also assured that the bank will continue to address the supply gap to ensure market stability.