CBN Sells $148m to Authorised Dealers

James Emejo in Abuja

Central Bank of Nigeria (CBN) yesterday, disclosed that it sold a total of $148 million to Authorised Dealers Banks (ADBs) in the Nigerian Foreign Exchange Market (NFEM) to provide liquidity to the segment.

In a statement, CBN acting Director, Corporate Communications Department, Mrs. Hakama Sidi Ali, underscored the transparency of the apex bank’s operations.
She said transactions were conducted on July 22 and 23, 2024, adding that the central bank sold Foreign Exchange (FX) to 29 ADBs at exchange rates of between N1470.00/$1 and   N1510.00/$1.

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.
CBN also sold a total of $106. 5 million to 29 ADBs at rates between  N1,498.00/$1 and N1,530.00/$1 on Thursday, July 18, and Friday, July 19, 2024.
She however, reiterated the commitment of the CBN Governor, Mr. Olayemi Cardoso towards  stabilising the foreign exchange market.
According to the CBN director, the governor had assured that the bank will continue to address the supply gap to ensure the market stability.