CBN sells $148m to authorised dealers in NFEM

The Central Bank of Nigeria (CBN) says it sold a cumulative amount of $148 million to authorised dealers in the Nigerian Foreign Exchange Market (NFEM).

According to Mrs Hakama Sidi-Ali, acting Director, Corporate Communications Department of the apex bank, the transactions were conducted on Monday and Tuesday to provide liquidity to the FX market.

Sidi-Ali, disclosed that the CBN sold FX to 29 authorised dealer banks at exchange rates between N1,470 to one dollar and N1,510 to one dollar.

Sidi-Ali reiterated the commitment of the CBN Governor, Yemi Cardoso, to stabilising the foreign exchange market.

According to her, Cardoso has assured that the CBN will continue to address the FX supply gap to ensure market stability.

CBN had also sold a total of 106.5 million dollars to 29 authorised dealer banks at rates between N1,498 and N1,530 to one dollar.