CBN Sells $543.5m To Authorised Dealers In 11 Day

As part of efforts to reduce volatility in the foreign exchange market amid rising demand for foreign exchange (FX) driven by commodity imports and seasonal pressures, the Central Bank of Nigeria (CBN) says it sold a total of US$543.5 million in September.

The FX was sold to authorized dealer banks through two-way quotes at the Nigerian Foreign Exchange Market (NFEM) on 11 dealing days.

The CBN disclosed this in a statement signed by its Director of Financial Markets Department, Dr. Omolara O. Duke.

The apex bank issued the clarification against the backdrop of the rising foreign exchange rate despite several interventions by the bank.

According to the release, the bank sold $80m on September 26 being the highest during the period at between N1570 to N1580 to a dollar and on September 27, it sold $79m at N1530 to N1581 to one dollar followed by $77m on September 11 at between N1540 to N1575/$.

On September 9, the apex bank sold $66m at N1570 to N1585/$; it sold $56m on September 30 at N1540/$ while it sold $46m on September 13 at N1540 to N1575 to a dollar. Also it sold $39m on September 6 at N1580 to N1605 to one dollar.

Olusola Akintonde