The Central Bank of Nigeria (CBN) has announced the commencement of regular foreign exchange (FX) sales through Authorized Dealer Banks and licensed Bureaux De Change (BDCs). This move aims to improve FX supply in the market, in line with the CBN’s price stability mandate and its commitment to ensuring a well-functioning and liquid market.
The CBN revealed that it sold a total of US$106,500,000 to 29 Authorized Dealer banks at exchange rates ranging from N1,498.00/US$1 to N1,530.00/US$1. Additionally, the apex bank purchased US$9,500,000 from four Authorized Dealer banks at rates between N1,510.00/US$1 and N1,550.00/US$1, with a value date for all transactions set for July 19, 2024.
In a statement released on Friday by Omolara Omotunde Duke (Ph.D.), Director of the Financial Markets Department of the CBN, it was stated that over the next few weeks, the bank will continue to support various segments of the official markets with liquidity.
“Additionally, the CBN will continue closely monitoring compliance with existing trading rules and regulations by authorized dealer banks to promote ethical conduct and support the drive to achieve stability in the foreign exchange market. Therefore, the general public is advised to direct their foreign exchange demand to their banks and BDC operators in accordance with prevailing market regulations,” the statement read.
The CBN also noted that recent movements in the foreign exchange market are driven largely by demand pressure from corporate entities and the expected seasonal uptick during the summer period.
The bank’s measures are expected to provide relief in the FX market, ensuring that there is adequate liquidity to meet the demand and maintain market stability
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