CBN sells $148m to 29 dealers
CBN Dollar
CBN sells $148m to 29 dealers
Abdullateef Fowewe
The Central Bank of Nigeria has sold $148m to 29 authorised dealers in the foreign exchange market, in a move aimed at boosting liquidity and supporting the naira.
CBN in a statement on Friday emphasised that the foreign exchange was sold on the Nigerian Foreign Exchange Market at an exchange rate of N1,470 per dollar and N1,510 per dollar respectively.
It reads in part, “The Central Bank of Nigeria (CBN) sold a cumulative sum of $148m (One hundred and forty-eight million United States Dollars) in the Nigerian Foreign Exchange Market (NFEM) to Authorized Dealers on July 22 and 23, 2024.
“The sale of foreign exchange (Fx) was to 29 (twenty-nine) authorized dealer banks at an exchange rate of N1470 per dollar, N1510 per dollar. In addition, the CBN bought $2m (Two million United States dollars) from 1 (one) Authorized Dealer bank at the rate of 1,505 per dollar.
“The value dates for all the transactions held on July 22, 2024, was T+0, while that of July 23, 2024, was T+0.”
It was reported by Dailyeconomy on Friday, July 19, 2024, that the CBN sold $106.5m to 29 authorized dealers in two days as demand for forex rose.
