CBN sells $543.5m to banks in 11 days

CBN sells $543.5m to banks in 11 days

Nike Popoola

The Central Bank of Nigeria (CBN) sold a total of US$543.5m from September 06-30, 2024, to Authorized Dealer banks through two-way quotes at the Nigerian Foreign Exchange Market (NFEM) on 11 dealing days.

It disclosed this in a statement signed by the Director, Financial Markets Department, Omolara O. Duke (Ph. D), on Friday.

It stated, “This press release is to educate and provide guidance to the general public on the pricing of FX by taking a clue from the range of rates at which FX was sold by the CBN to Authorized Dealer banks.

“The CBN will continue to facilitate the supply of FX into the Nigerian Foreign Exchange Market (NFEM) as part of its holistic FX Management strategy.”