In a renewed effort at checkmating the sliding value of the naira against other international currencies, like the dollars, among others , the Central Bank of Nigeria, (CBN) has sold $148 million in foreign exchange to 29 authorised dealer banks in the spot market.
The action, essentially to ease demand pressure, according to CBN, was sold at between 1,470 naira and 1,510 naira to dealers in the Nigerian Foreign
Exchange Market on July 22 and 23, and bought $2 million from one dealer bank at 1,505 naira.
A statement posted on the apex bank’s website on Friday noted that the sales were made to the dealers on Monday, July 22 and Tuesday, July 23, 2024, between an exchange rate of N1470.00/$1 and N1510.00/$1.
This development comes two weeks after the CBN sold $122.67 million to 46 authorised dealers in a move aimed at promoting market stability and reducing volatility.
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A week ago, it also announced that $20,000 is to be sold to each BDC at the rate of N1,450/$1.
However, despite this move, the naira has depreciated against the US dollars, trading above N1,600 on Thursday at the official market.
The statement read, “The Central Bank of Nigeria sold a cumulative sum of US S148,000,000.00 in the Nigerian Foreign Exchange market to authorised dealers on July 22 and 23, 2024.
“The sale of foreign exchange was to 29 authorised dealer banks at an exchange rate of 1470.00/US$1-1510.00/US$1.”
