CBN sells $148m FX to authorised dealers in two days

The Central Bank of Nigeria, CBN, said it sold $148 million in foreign exchange (FX) to 29 authorised dealer banks in two days (22nd and 23rd of July 2024).

CBN disclosed this today in a statement published on its website.

According to the apex bank, the foreign exchange (Fx) was sold on the Nigerian Foreign Exchange Market (NFEM) at an exchange rate of N1,470 per dollar and N1,510 per dollar respectively.

CBN said: “The Central Bank of Nigeria (CBN) sold a cumulative sum of $148 million (One hundred and forty-eight million United States Dollars) in the Nigerian Foreign Exchange Market (NFEM) to Authorized Dealers on July 22 and 23, 2024.

“The sale of foreign exchange (Fx) was to 29 (twenty-nine) authorized dealer banks at an exchange rate of N1470 per dollar, N1510 per dollar.

“In addition, the CBN bought $2 million (Two million United States dollars) from 1 (one) Authorized Dealer banks at the rate of 1,505 per dollar.

“The value dates for all the transactions held on July 22, 2024, was T+0,
while that of July 23, 2024, was T+0.”