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NEWS

CBN Sells $148m to 29 Authorized Dealers

July 27, 2024 • 1 min read

JULY 27, 2024

The Central Bank of Nigeria (CBN) has disbursed $148 million to 29 authorized dealers as part of measures to stabilize the foreign exchange market amidst the recent depreciation of the naira.

In a statement posted on the apex bank’s website on Friday, July 26, 2024, the CBN noted that the sales occurred on Monday, July 22, and Tuesday, July 23, 2024, with exchange rates ranging between N1470.00/$1 and N1510.00/$1.

This action follows two weeks after the CBN sold $122.67 million to 46 authorized dealers, aiming to promote market stability and reduce volatility.

Additionally, the bank announced last week that $20,000 would be sold to each Bureau de Change (BDC) at a rate of N1,450/$1.

Despite these efforts, the naira has continued to depreciate against the US dollar, trading above N1,600 on Thursday in the official market.

“The Central Bank of Nigeria sold a cumulative sum of US $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 N1470.00/US$1-N1510.00/US$1,” the statement reads.