CBN intervenes in FX market, injects $148m to boost naira

The Central Bank of Nigeria (CBN) has disbursed $148 million to 29 authorised dealers to stabilise the foreign exchange market amid the recent decline of the naira.

The CBN, in a statement on its website, said the sales occurred on July 22 and 23, 2024, with exchange rates ranging from N1470.00 to N1510.00 per dollar.

The sale followed a previous sale of $122.67 million to 46 dealers aimed at curbing market volatility and promoting stability.

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The apex bank had also recently announced plans to sell $20,000 to each Bureau de Change (BDC) at an exchange rate of N1,450 per dollar.

Despite these interventions, the naira has continued to depreciate, trading above N1,600 per dollar at the official market on Thursday.

The statement said, “The Central Bank of Nigeria sold a cumulative sum of $148,000,000 in the Nigerian Foreign Exchange market to authorised dealers on July 22 and 23, 2024, at an exchange rate of N1470.00 to N1510.00 per dollar.”