To ease demand strains, the Central Bank of Nigeria (CBN) distributed $148 million to 29 authorized dealer banks through foreign exchange sales in the spot market as announced on Friday.
On July 22nd and 23rd, the CBN revealed that it conducted dollar sales at exchange rates between 1,470 and 1,510 naira per dollar.
Furthermore, one dealer sold $2 million to the central bank for a rate of 1,505 naira per dollar.
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In the past few weeks, there has been a considerable strain on the naira resulting in its decline to 1,640 naira per dollar – a level it hasn’t reached for four months – as of July 18.
In order to boost market liquidity and bolster the value of the naira, authorized dealers have resumed their regular purchases of dollars from the CBN.
