The Central Bank of Nigeria has allocated $148 million to 29 authorized dealers in an effort to stabilize the foreign exchange market amidst the recent sharp decline of the naira.
According to The PUNCH, a statement posted on the apex bank’s website on Friday revealed that these transactions occurred on Monday, July 22, and Tuesday, July 23, 2024, with exchange rates ranging from N1470.00 to N1510.00 per dollar.
This action follows the CBN’s previous sale of $122.67 million to 46 authorized dealers, aimed at enhancing market stability and curbing volatility.
Additionally, a week prior, the CBN announced a plan to sell $20,000 to each Bureau de Change at a rate of N1,450 per dollar.
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.”
