In an effort to ensure liquidity in the foreign exchange market, the Central Bank of Nigeria (CBN) has sold a total sum of One Hundred and Six Million and Five Hundred Thousand US Dollars Only) to 29 (Twenty-Nine) Authorized Dealer banks between an exchange rate range of NI,498.OO/US$1 to NI,530.OO/US$1.
CBN, in a Circular signed by Dr. Omolara Omotunde Duke, on Friday said, in addition, it bought (Nine Million and Five Hundred Thousand Dollars) from 4 (Four) Authorized Dealer banks at rates between NI,510.OO/US$1 and NI,550.OO/US$1, disclosing that the value date for all the transactions is July 19, 2024.
Noting that it would continue to closely monitor 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.
The apex bank explained that the recent movements in the foreign exchange market were driven largely by demand pressure from corporate entities and the expected seasonal uptick during the summer period.
It, therefore, assured the general public that it has commenced a regular sale of foreign exchange through Authorized Dealer Banks and licensed Bureaux De Change (BDCs) to improve supply in the foreign exchange market in line with its price stability mandate and its commitment to ensure a well-functioning and liquid market.
CBN said, over the next few weeks, it would continue to support various segments of the official markets with liquidity.
Therefore, advised the general public to direct their foreign exchange demand to their banks and BDC operators in accordance with prevailing market regulations.
