The Central Bank of Nigeria (CBN) has disclosed that it sold a total of US$543.5 million at the rate of N1, 540, and N1,580 to Authorized Dealer banks through two-way quotes at the Nigerian Foreign Exchange Market (NFEM) on 11 dealing days, between September 6 and 30, 2024.
CBN disclosed this in a statement issued late on Friday by its Director, Financial Markets Department, Omolara Duke.
It sold $39,000,000 on September 6, 2024, $66,000,000 on September 9, 2024, $77,000, 000 on September 11, 2024, $46, 000, 000 on September 13, 2024, $24,000,000 on September 18, 2024, $28,000,000 on September 19, 2024, $31,000,000 on September 20, 2024, $17,500,000 on September 23, 2024, $80,000,000 on September 26, 2024, $79,000,000 on September 27, 2024, and $56,000,000 on September 30, 2024, totalling $543,500,000.
The FX spot sales, according to the apex bank, was to reduce observed market volatility driven by high demand for commodity importation and seasonal demand for FX, adding that the value dates for all the transactions were T+2.
It said, the announcement was intended to educate and provide guidance to the general public on the pricing of FX by taking a clue from the range of rates at which FX was sold by the CBN to Authorized Dealer banks.
The bank said, it would continue to facilitate the supply of FX into the Nigerian Foreign Exchange Market (NFEM) as part of its holistic FX Management strategy.
