Grapevine

UPDATED: $543.5m FX sold to authorised banks in 11 days – CBN

The CBN disclosed this in a statement signed by the Director, Financial Markets Department, Omolara Duke, on Friday in Abuja.

Duke stated that the sale was conducted via two-way quotes in the Nigerian Foreign Exchange Market with the aim of reducing observed market volatility driven by high demand for commodity importation and seasonal demand for FX.

She explained that the amount was sold to an average of 26 authorised dealer banks within 11 trading days.

Despite these sales, the naira only appreciated by 2.77 per cent to N1,541 at the official market but hit its lowest point in September closing at N1,700 per dollar at the parallel market.

The statement read, “The Central Bank of Nigeria sold a total of US$543.5m from September 06-30, 2024, to Authorized Dealer banks through two-way quotes at the Nigerian Foreign Exchange Market on 11 dealing days.