The Central Bank of Nigeria (CBN) announced that it sold $148 million in foreign exchange to 29 authorized dealer banks over a two-day period on July 22 and 23, 2024.
This information was disclosed in a statement on the CBN’s official website. The foreign exchange was sold on the Nigerian Foreign Exchange Market (NFEM) at exchange rates of ₦1,470 and ₦1,510 per dollar, respectively.
The bank specified that the sales were made to 29 authorized dealer banks at exchange rates of ₦1,470 and ₦1,510 per dollar. Additionally, the CBN purchased $2 million from one authorized dealer bank at a rate of ₦1,505 per dollar.
The transactions for July 22, 2024, were settled on a T+0 basis, while those for July 23, 2024, followed the same T+0 settlement timeline.
CBN said: “The Central Bank of Nigeria (CBN) sold a cumulative sum of $148 million (One hundred and forty-eight million United States Dollars) in the Nigerian Foreign Exchange Market (NFEM) to Authorized Dealers on July 22 and 23, 2024.
“The sale of foreign exchange (Fx) was to 29 (twenty-nine) authorized dealer banks at an exchange rate of ₦1470 per dollar, ₦1510 per dollar.
“In addition, the CBN bought $2 million (Two million United States dollars) from 1 (one) Authorized Dealer banks at the rate of 1,505 per dollar.
“The value dates for all the transactions held on July 22, 2024, was T+0,
while that of July 23, 2024, was T+0.”
