On the Nigerian Foreign Exchange Market (NFEM), the Central Bank of Nigeria (CBN) has declared the sale of $148 million to designated dealers.
The FX market required the liquidity that this transactions that occurred between Monday and Tuesday gave the market.
BrandSpur banking and finance news reveals that CBN sold the foreign exchange to 29 licensed dealer banks, according to a statement made by Mrs. Hakama Sidi-Ali, acting Director of the Corporate Communications Department.
For these transactions, the exchange rates per dollar varied from N1,470 to the N1,510.
Continuing, Mrs. Sidi-Ali highlighted that CBN Governor Yemi Cardoso is dedicated to keeping the foreign exchange market stable. In order to maintain market stability, she reaffirmed that the CBN will keep working to close the FX supply imbalance.
At currency rates ranging from N1,498 to N1,530 per dollar, the CBN had previously sold $106.5 million in total to the same 29 authorised dealer banks.
