CBN Sells $148m to Authorised Dealers to Stabilise Naira

T he Central Bank of Nigeria (CBN) has announced that it recently sold $148 million to authorised dealers in the Nigerian Foreign Exchange Market (NFEM).

Mrs Hakama Sidi-Ali, the acting Director of the CBN’s Corporate Communications Department, explained in a statement that these transactions took place between Monday and Tuesday to inject liquidity into the FX market.

Sidi-Ali noted that the apex bank sold foreign exchange to 29 authorised dealer banks at rates ranging from N1,470 to N1,510 per dollar.

She also emphasised Governor Yemi Cardoso’s dedication to stabilising the foreign exchange market. Cardoso pledged that the apex bank would continue to address the FX supply gap to maintain market stability.

The CBN had previously sold $106.5 million to 29 authorised dealer banks at rates between N1,498 and N1,530 per dollar.