The transactions took place between Monday and Tuesday to provide necessary liquidity to the FX market.

The Central Bank of Nigeria (CBN) has announced the sale of $148 million to authorised dealers in the Nigerian Foreign Exchange Market (NFEM). 

The transactions took place between Monday and Tuesday to provide necessary liquidity to the FX market.

According to a statement by Mrs. Hakama Sidi-Ali, acting Director of the Corporate Communications Department, the CBN sold the foreign exchange to 29 authorised dealer banks. 

The exchange rates for these transactions ranged between N1,470 and N1,510 per dollar.

Mrs. Sidi-Ali emphasised the commitment of CBN Governor Yemi Cardoso to stabilizing the foreign exchange market. She reiterated that the CBN will continue efforts to address the FX supply gap to ensure market stability.

The CBN had previously sold a total of $106.5 million to the same 29 authorized dealer banks at exchange rates between N1,498 and N1,530 per dollar. 

The bank claimed the measures are part of ongoing efforts to support the stability of Nigerias foreign exchange market.

It added that the recent FX sales reflect the CBN''s dedication to maintaining liquidity and stability in the market, crucial for economic stability.

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