CBN sells $122.671m to 46 authorised dealers
Story from Muhammad Kukuri
The Central Bank of Nigeria has resumed forex sales to Bureau De Change operators after a four-month suspension, confirming the sale of $122.67 million to 46 authorised dealers on Friday.
In a statement signed by Dr. Omolara Duke, Director of Financial Markets at the CBN, the bank aims to promote stability and reduce market volatility in the foreign exchange market with this latest intervention.
The statement reads, “The Central Bank of Nigeria has sold the sum of $122,671,000 to 46 authorised dealers in its determination to promote stability and reduce market volatility in the foreign exchange market.”
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Aminu Gwadebe, President of the Association of Bureau De Change Operators of Nigeria, previously indicated that the CBN had halted forex supply to BDCs since March, signaling a move towards complete market liberalisation.
During this hiatus, the naira depreciated to N1554/$ at the official market as of Thursday. Nigeria’s external reserves, however, surged to $35.05 billion as of July 8, 2024, marking a milestone under President Bola Tinubu’s administration.
Proofreading, editing by Sakinat Musa Abubakar, Editor at Neptune Prime.
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