The Central Bank of Nigeria, CBN, has disclosed that it sold a total sum of $543.5m at the rate of N1,540 and N1,580 to authorised dealers banks between September 6 and September 30, 2024.
This amount is the equivalent of N844.92bn in naira.
The CBN disclosed this in a statement signed by the Director, Financial Markets Department, Omolara Duke, on Friday in Abuja.
Duke stated that the sale was conducted via two-way quotes in the Nigerian Foreign Exchange Market with the aim of reducing observed market volatility driven by high demand for commodity importation and seasonal demand for FX.
She explained that the amount was sold to an average of 26 authorised dealer banks within 11 trading days.
Despite these sales, the naira only appreciated by 2.77 per cent to N1,541 at the official market but hit its lowest point in September closing at N1,700 per dollar at the parallel market.
The statement read, “The Central Bank of Nigeria sold a total of US$543.5m from September 06-30, 2024, to Authorised Dealer banks through two-way quotes at the Nigerian Foreign Exchange Market on 11 dealing days.
“The FX spot sales was to reduce observed market volatility driven by high demand for commodity importation and seasonal demand for FX. The value dates for all the transactions were T+2.
“The CBN director added that the release is to educate and provide guidance to the general public on the pricing of FX and the range of rates it sold to banks within the period.
“This press release is to educate and provide guidance to the general public on the pricing of FX by taking a clue from the range of rates at which FX was sold by the CBN to Authorized Dealer banks.
“The CBN will continue to facilitate the supply of FX into the Nigerian Foreign Exchange Market as part of its holistic FX Management strategy,” The statement concluded.
Details soon…
