The Central Bank of Nigeria (CBN) has initiated the regular sale of foreign exchange (FX) through authorized dealer banks and licensed Bureaux De Change (BDCs) to bridge the FX gap.
In a statement released on Friday in Abuja, Ms. Omolara Duke, the Director of the Financial Markets Department at the CBN, announced this development. Duke explained that recent fluctuations in the FX market were primarily driven by demand pressure from corporate entities and a seasonal uptick during the summer.
She emphasized that the FX supply aligns with the CBN’s price stability mandate and its commitment to maintaining a well-functioning and liquid market. The apex bank will continue to support various segments of the official markets with liquidity over the next few weeks.
“On Thursday and Friday, the CBN sold a total of 106.5 million dollars to 29 authorized dealer banks at exchange rates ranging from N1,498 to one dollar. Additionally, it bought 9.5 million dollars from four authorized dealer banks at rates between N1,510 to one dollar and N1,550 to one dollar,” Duke said.
The CBN will closely monitor compliance with existing trading rules and regulations by authorized dealer banks to promote ethical conduct and support the drive to achieve FX market stability. Duke urged the general public to direct their FX demand to their banks and BDC operators in accordance with prevailing market regulations.
