The Central Bank of Nigeria (CBN) has infused $148 million into the Nigerian Foreign Exchange Market (NFEM) to enhance liquidity. This latest move, carried out on July 22 and 23, 2024, aims to stabilize the forex market.
According to Mrs. Hakama Sidi Ali, Acting Director of the Corporate Communications Department at the CBN, the bank’s operations remain transparent. The CBN allocated the foreign exchange to 29 authorized dealer banks, with exchange rates ranging from N1470.00 to N1510.00 per US dollar.
Ali noted that the value dates for these transactions were T+0 and T+1, reflecting the settlement days for sales later in each day.
This action follows a previous sale of $106.5 million on July 18 and 19, 2024, at rates between N1,498.00 and N1,530.00 per dollar.
The CBN Governor reaffirmed the bank’s dedication to bridging the supply gap and ensuring the stability of the foreign exchange market.
News Editor 
Hyelsinta Hassan