The Central Bank of Nigeria (CBN) has commenced regular sales of foreign exchange through authorised dealer banks and licensed Bureaux De Change (BDCs) to bridge gap.

The CBN disclosed that it sold $106.5 million to 29 authorised dealer banks at the exchange rate of N1,498 to one dollar on Thursday and Friday, July 19, 2024.

The apex bank made this known via a statement issued by the Director of Financial Markets Department, Omolara Duke, on Friday.

Duke stated that recent movements in the forex market were largely driven by demand pressure from corporate entities and the summer season uptick.

She said such forex supply was in line with the price stability mandate of the CBN, as well as its commitment to ensure a well-functioning and liquid market.

Naira drops against dollar at official market

The CBN official noted that the apex bank would continue to support various segments of the official markets with liquidity over the next few weeks.

Duke said: “In line with the above, the CBN, on Thursday and Friday, sold a total sum of 106.5 million dollars to 29 authorised dealer banks between an exchange rate range of N1,498 to one dollar.

“In addition, it bought 9.5 million dollars from four authorised dealer banks at rates between N1,510 to one dollar and N1,550 to one dollar.”

She stated that the CBN would continue to closely monitor compliance with existing trading rules and regulations by authorised dealer banks to promote ethical conduct and support the drive to achieve forex market stability.

She, however, urged the general public to direct their foreign exchange demand to their banks and BDC operators in accordance with prevailing market regulations.

The Star