BREAKING: CBN Sells $122.67 Million To 46 Authorized FX Dealers In Nigeria

CBN has sold $122.67 Million to 46 Authorized FX Dealers in Nigeria.

 

NewsOnline Nigeria reports that the Central Bank of Nigeria (CBN) has commenced sales of forex to Bureau De Change operators after a four-month hiatus.

 

This was after the apex bank confirmed forex sales of $122.67m to 46 authorised dealers on Friday.

 

A statement signed by the Bank’s Director in charge of Financial Markets, Dr Omolara Duke, said the new release is part of the bank’s determination to promote stability and reduce market volatility in the foreign exchange market.

 

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The statement read in part, “The Central Bank of Nigeria has sold the sum of $122,671,000 to 46 authorised dealers in its determination to promote stability and reduce market volatility in the foreign exchange market.”

 

Last month, The President Association of Bureau De Change Operators of Nigeria, Aminu Gwadebe, told The PUNCH that the apex bank had suspended supply to the BDCs since March and was moving towards a complete liberalisation of the foreign currency market, which would not require its intervention.

 

He said, “The BDC window has been suspended by the Central Bank of Nigeria since around March or so. The last time we were funded I think was around March.”

 

This forex sales break allowed the naira to depreciate further to N1554/$ at the official market on Thursday.

Earlier this week, Nigeria’s external reserves increased yet again, reaching $35.05 billion as of July 8, 2024.

This is the first time it has crossed the $35 billion ceiling under the administration of President Bola Tinubu.