The Central Bank of Nigeria (CBN) has allocated $148 million to 29 authorised dealers to stabilise the foreign exchange market amid the recent decline of the naira’s value.
According to a statement published on the Bank’s website on Friday, the sales took place between Monday, July 22 and Tuesday, July 23, 2024, at an exchange rate ranging from N1470.00/$1 to N1510.00/$1.
Two weeks after the CBN sold $122.67 million to 46 authorized dealers to promote market stability and reduce volatility, it announced the sale of $20,000 to each BDC at N1,450/$1. Despite these efforts, the naira depreciated against the US dollar, trading above N1,600 on Thursday at the official market.
The statement read, “The Central Bank of Nigeria sold a cumulative sum of $148,000,000.00 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.”