CBN Sells $543.5m to Authorized Dealers in September
The Central Bank of Nigeria (CBN) announced that it sold $543.5 million to authorized dealer banks in the Nigerian foreign exchange market (NFEM) during September. This information was disclosed in a statement signed by Omolara Duke, Director of the Financial Markets Department, on Friday.
The transactions took place over 11 dealing days, from September 6 to September 30, with the sales conducted through two-way quotes. The aim of these foreign exchange (FX) spot sales was to mitigate market volatility caused by increased demand for commodity importation and seasonal FX needs.
A breakdown of the transactions shows varying amounts sold on specific dates:
- September 6: $39 million at a rate of N1,580-N1,605/$
- September 9: $66 million at N1,570-N1,585/$
- September 11: $77 million at N1,540-N1,575/$
- September 13: $46 million at N1,540-N1,575/$
- September 18: $24 million at N1,530-N1,540/$
- September 19: $28 million at N1,540-N1,555/$
- September 20: $31 million at N1,540-N1,545/$
- September 23: $17.5 million at N1,540/$
- September 26: $80 million at N1,570-N1,580/$
- September 27: $79 million at N1,530-N1,580/$
- September 30: $56 million at N1,540/$
The CBN stated that the publication of these details is aimed at educating the public and offering guidance on FX pricing based on the range of rates at which the bank conducted the sales. It also reaffirmed its commitment to facilitating FX supply into the NFEM as part of its broader FX management strategy.
Earlier in August, the CBN had sold $876.26 million to banks at a rate of N1,495 per dollar, while in July, it sold $148 million in foreign currencies to authorized dealer banks over two days.
The CBN continues to employ strategic measures to ensure stability in the foreign exchange market.
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