CBN sells $148m To Authorised Dealers

Date:

July 27, 2024.

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Azonuchechi Chukwu.

The Central Bank of Nigeria (CBN) says it sold a cumulative amount of 148 million dollars to authorised dealers in the Nigerian Foreign Exchange Market (NFEM).

According to Mrs Hakama Sidi-Ali, acting Director, Corporate Communications Department of the apex bank, the transactions were conducted on Monday and Tuesday to provide liquidity to the FX market.

Sidi-Ali, disclosed that the CBN sold FX to 29 authorised dealer banks at exchange rates between N1,470 to one dollar and N1,510 to one dollar.

Sidi-Ali reiterated the commitment of the CBN Governor, Yemi Cardoso, to stabilising the foreign exchange market.

According to her, Cardoso has assured that the CBN will continue to address the FX supply gap to ensure market stability.

Recall that the CBN also sold a total of 106.5 million dollars to 29 authorised dealer banks at rates between N1,498 and N1,530 to one dollar.NAN

Chukwu Azochukwu, The Naija247news
Chukwu Azochukwu, The Naija247newshttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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