The Central Bank of Nigeria (CBN) recently disclosed its strategic intervention in the foreign exchange market, selling $543.6 million to authorized dealer banks between September 6 and 30, 2024.
This move was aimed at stabilizing the Naira amidst heightened demand for foreign currency driven by commodity imports and seasonal fluctuations.
According to a statement from Omolara Duke, CBN Director of Financial Marketers Departments, the sales were conducted at rates ranging from N1530 to N1580 per dollar.
This initiative is part of CBN's comprehensive FX management strategy designed to ensure a steady supply of foreign currency in the Nigerian market. By the end of September, the Naira's exchange rate stood at N1541.94 per dollar in the official market and N1700 in the parallel market.
However, by October 6, 2024, these rates had adjusted to N1631.21 and N1670 per dollar, respectively.
Comentários