The Central Bank of Nigeria (CBN) sold a total of $543. 5 million to Authorised Dealers at the Nigerian Foreign Exchange Market (NFEM) last month.
The bank’s Director of Financial Markets Department, Dr. Omolara Duke, disclosed this in a Summary of September Spot Sales in Abuja, last night.
According to the director, the sells were through two-way quotes and 11 deals between September 6-30, 2024.
The Spot FX sales were to address observed high FX demand driven by commodity importation and seasonal demand for FX.
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The director said that the CBN would continue to facilitate the supply of FX to the NFEM as part of its FX management strategy.