CBN injects $106.5m into forex market to boost liquidity
The Central Bank of Nigeria (CBN) has sold $106.5 million to 29 authorized dealer banks at N1,498/$1 to N1,530/$1 on Thursday July 18 and July 19, 2024 as part of moves to improve supply in line with its price stability mandate and its commitment to ensure a well-functioning and liquid market.
The apex bank in a note signed by Dr Omolara Omotunde Duke, Director, Financial Markets Department the bank was aware of the recent movements in the foreign exchange market are driven largely by demand pressure from corporate entities and the expected seasonal uptick during summer period and had commenced regular sale of forex through authorized dealer banks and licensed Bureaux De Changes.
Beside the sales made the note said CBN also bought $9.5 million from four authorized dealer banks at N1,510/$1 and N1,550/$1 all on July 19, 2024
THe bank assured that over next few weeks it will support various segments of the official market with liquidity.
”CBN will continue closely monitoring compliance with existing trading rules and regulations by authorized dealer banks to promote ethical conduct and support the drive to achieve stability in the market,” the note said.
