The Nigerian Central Bank has distributed $148 million to 29 authorized dealers as part of its efforts to stabilise the foreign exchange market in the wake of the naira’s recent depreciation.
A statement posted on the apex bank’s website on Friday noted that the sales were made to the dealers on Monday, July 22 and Tuesday, July 23, 2024, between an exchange rate of N1470.00/$1 and N1510.00/$1, according to The Punch.
This follows the CBN recent sales of $122.67 million to 46 authorized dealers in an effort to lessen volatility and promote market stability.
Additionally, it stated a week ago that each BDC will receive $20,000 at a rate of N1,450/$1.
Despite these measures, the naira continued to depreciate, trading above N1,600 against the dollar in the official market on Thursday.
The statement from the CBN noted, “The Central Bank of Nigeria sold a cumulative sum of $148,000,000.00 in the Nigerian Foreign Exchange market to authorized dealers on July 22 and 23, 2024.”
“The sale of foreign exchange was to 29 authorized dealer banks at an exchange rate of 1470.00/US$1-1510.00/US$1.”
Recall the CBN made the first attempt in February 2023, with the apex bank selling $20,000 to each BDCS at the rate of N1,301/$. By the second attempt, the bank reduced the allocation by 50% and sold FX at a rate of N1,251/$1
