The Central Bank of Nigeria (CBN) has disclosed that it sold a total sum of $106.5 million to 29 authorised dealer banks at an exchange rate range of N1, 498 to one dollar between Thursday and Friday.
The Director, Financial Markets Department, CBN, Ms Omolara Duke, said this in a statement on Friday in Abuja.
She said it was in line with the commencement of regular sale of foreign exchange (fx) through authorised dealer banks and licensed Bureaux De Change (BDCs) to bridge supply gap.
Duke further said that recent movements in the foreign exchange market were largely driven by demand pressure from corporate entities and summer season uptick.
She said that such foreign exchange supply was in line with the price stability mandate of the CBN, as well as its commitment to ensure a well functioning and liquid market.
She said that the apex bank would continue to support various segments of the official markets with liquidity over the next few weeks.
According to Duke, in addition to the sales, the CBN bought $9.5 million from four authorised dealer banks at rates between N1,510 to one dollar and N1,550 to one dollar.
She said that CBN would continue to closely monitor compliance with existing trading rules and regulations by authorised dealer banks to promote ethical conduct and support the drive to achieve foreign exchange market stability.
The director urged the general public to direct their foreign exchange demand to their banks and BDC operators in accordance with prevailing market regulations.
