CBN sells US$543.5 million to Authorized Dealer banks in September

The apex bank, according to a press release by Omolara O. Duke, its Director, Financial Markets Department, said it sold the foreign exchange (FX) to Authorized Dealer banks through two-way quotes at the Nigerian Foreign Exchange Market (NFEM) on 11 dealing days.

A summary of the FX spot sales by the CBN between September 6 and 30, 2024 shows that the Authorized Dealer banks got the Dollar for between N1530.00 and N1605.

The bank said that “the FX spot sales was to reduce observed market volatility driven by high demand for commodity importation and seasonal demand for FX,” stressing that “the value dates for all the transactions were T+2.”

It pointed out that the press release was to “educate and provide guidance to the general public on the pricing of FX by taking a cue from the range of rates at which FX was sold by the CBN to Authorized Dealer banks.”

The CBN assured that it “will continue to facilitate the supply of FX into the Nigerian Foreign Exchange Market (NFEM) as part of holistic FX Management strategy.”