In a bid to enhance liquidity, the Central Bank of Nigeria (CBN), on Friday said it sold a total of US$148m to authorised dealers in the Nigerian Foreign Exchange Market (NFEM) .

A breakdown of the transactions conducted on July 22 and 23, 2024, according to the Acting Director of the Corporate Communications Department at the CBN, Mrs. Hakama Sidi Ali, showed that FX was sold to 29 Authorized Dealer banks at between N1470/US$1 and   N1510/US$1.

She added that the value dates for all transactions conducted on both days, were T+0  and T+1 for sales at the later part of each day

This represented a 1.9% and 1.3% drop in the Naira’s exchange rate to the US$, when compared to from the  rates during the last sales.

The statement recalled that the apex bank sold US$106.5m to 29 Authorized Dealer banks at rates between  N1,498.00/US$1 and N1,530.00/US$1 on Thursday, July 18, and Friday, July 19, 2024.

She reiterated the CBN Governor’s commitment to stabilizing the foreign exchange market. The Governor has assured that the Bank will continue to address the supply gap to ensure the market stability.