CBN sells $543.5m fx to authorised banks in 11 days

The Central Bank of Nigeria has disclosed that it sold $543.5m at the rate of N1,540 and N1,580 to authorised dealers banks between September 6 and September 30, 2024.

This amount is an equivalent of N844.92bn in naira.

The CBN disclosed this in a statement signed by the Director, Financial Markets Department, Omolara Duke, on Friday in Abuja.

It stated that the sale was conducted via two-way quotes in the Nigerian Foreign Exchange Market to reduce observed market volatility driven by high demand for commodity importation and seasonal demand for FX.

It explained that the amount was sold to an average of 26 authorised dealer banks within 11 trading days.

Despite these sales, the naira only appreciated by 2.77 per cent to N1,541 at the official market but hit its lowest point in September closing at N1,700 per dollar at the parallel market.

September’s Naira performance was the strongest since June 2024 when it closed at N1,505/$ on the official window.

The statement read, “The CBN will continue to facilitate the supply of FX into the Nigerian Foreign Exchange Market as part of its holistic FX Management strategy.”

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