Nigeria’s Central Bank Sells $148 Million to Authorized Dealers, Commits to Stabilizing Foreign Exchange Market

The Central Bank of Nigeria (CBN) has announced that it sold a cumulative amount of $148 million to authorized dealers in the Nigerian Foreign Exchange Market (NFEM) on Monday and Tuesday. According to Hakama Sidi-Ali, acting Director, Corporate Communications Department of the apex bank, the transactions were conducted to provide liquidity to the FX market.

In a statement, Sidi-Ali revealed that the CBN sold FX to 29 authorized dealer banks at exchange rates between N1,470 to one dollar and N1,510 to one dollar. The move is aimed at stabilizing the foreign exchange market and addressing the FX supply gap.

CBN Governor Yemi Cardoso has reiterated his commitment to ensuring market stability, and the bank has assured that it will continue to address the FX supply gap to achieve this goal. In related news, the CBN previously sold a total of $106.5 million to 29 authorized dealer banks at rates between N1,498 and N1,530 to one dollar.

The recent sale is a significant development in the Nigerian FX market, which has faced challenges in recent times. The CBN’s efforts to stabilize the market are likely to have a positive impact on the economy and help to restore investor confidence.

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