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CBN Injects $148 Million Into Forex Market

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2 years ago

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July 27, 2024

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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.

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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.

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