Economy
CBN Injects $148 Million into FX Market to Stabilize Naira
In a move aimed at stabilizing the Nigerian currency, the Central Bank of Nigeria (CBN) has announced the sale of $148 million to authorized dealers in the Nigerian Foreign Exchange Market (NFEM).
According to a statement from Mrs. Hakama Sidi-Ali, Acting Director of the CBN’s Corporate Communications Department, these transactions took place between Monday and Tuesday. The CBN provided liquidity to the FX market by selling foreign exchange to 29 authorized dealer banks at exchange rates ranging from N1,470 to N1,510 per dollar.
Sidi-Ali emphasized CBN Governor Yemi Cardoso’s commitment to stabilizing the foreign exchange market, noting that Cardoso had pledged to address the FX supply gap to maintain market stability.
This recent intervention follows a previous sale of $106.5 million to the same number of authorized dealer banks, with exchange rates between N1,498 and N1,530 per dollar
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