According to the Central Bank of Nigeria, between September 6 and September 30, 2024, it sold $543.6 million to dealer banks that were approved.
This was made public by CBN over the weekend in a statement that broke down the FX interventions.
The purpose of the FX sales during the period under review, according to the statement signed by Omolara Duke, Director of Financial Marketers Departments at CBN, was to lessen FX volatility caused by seasonal demand and strong demand for commodities imports.
The top bank stated that in September 2024, FX was sold to legitimate dealer banks for a price per dollar that ranged from N1530 to N1580.
The purpose of the FX spot sawere was to lessen the volatility that was being caused by the strong demand for imports of commodities and by seasonal demand.
It stated, “As part of its comprehensive FX management strategy, the Central Bank of Nigeria will continue to facilitate the supply of FX into the Nigerian Foreign Exchange Market.”
The official and parallel foreign currency markets saw the Naira conclude September at N1541.94 and N1700 per dollar, respectively.
However, after the end of business on Friday, October, the Naira was valued at N1631.21 and N1670 per dollar.
