CBN sells $543.5m FX to approved banks for market stability

The Central Bank of Nigeria hinted that it sold $543.5m at the rate of N1,540 and N1,580 to authorised dealers banks.

The sales which occured between September 6 and September 30, 2024 is an equivalent of N844.92bn in naira.

This information was contained in a statement by the  Director, Financial Markets Department, Omolara Duke, in Abuja.

The sales which is conducted in two-way had  quotes in the Nigerian Foreign Exchange Market to reduce observed market volatility driven by high demand for commodity importation and seasonal demand for foreign exchange.

It further 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.”