CBN sells $122.67m to 46 authorized FX dealers

The Central Bank of Nigeria (CBN) says it has sold $122.67 million to 46 authorized dealers as part of its effort to stabilize the foreign exchange market.

A statement on Friday by Dr. Omolara Duke, the apex bank Director of Financial markets, said the move is aimed at promoting market stability and reducing volatility as the exchange rate closed at N1,554.65/$1 on Thursday, the lowest level since March 2024.

“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,” it said.