CBN Injects $148 Million Into Forex Market

The Central Bank of Nigeria (CBN) has announced the sale of a cumulative $148 million to authorized dealers in the Nigerian Foreign Exchange Market (NFEM).

According to Mrs. Hakama Sidi-Ali, acting Director of the Corporate Communications Department at the CBN, these transactions were conducted on Monday and Tuesday to provide liquidity to the forex market.

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The CBN sold foreign exchange to 29 authorized dealer banks at rates ranging from N1,470 to N1,510 per dollar. Sidi-Ali emphasized the commitment of CBN Governor Yemi Cardoso to stabilizing the foreign exchange market.

Cardoso assured that the CBN will continue to address the FX supply gap to ensure market stability.

It was recalls that the CBN sold a total of $106.5 million to 29 authorized dealer banks at rates between N1,498 and N1,530 per dollar in a previous transaction.