CBN Intervenes with Sale of $122.67 Million in Foreign Exchange

Sunday, 14 July 2024, 12:31
The Central Bank of Nigeria took action to enhance market stability by selling $122.67 million to approved dealers, aiming to reduce volatility and ensure a balanced foreign exchange market. Experts provide insights on the impact of this intervention, highlighting the significance of the CBN's strategy in managing currency appreciation and fostering stability. Overall, the proactive measures by the CBN are expected to contribute to a more predictable and sustainable forex environment.
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CBN Intervenes with Sale of $122.67 Million in Foreign Exchange

CBN's Foreign Exchange Intervention

The Central Bank of Nigeria recently conducted a significant sale of $122.67 million to approved dealers in the forex market.

Promoting Market Stability

  • Currency Appreciation: The intervention aims to manage currency appreciation and ensure market stability.
  • Reducing Volatility: By providing liquidity, the CBN seeks to minimize market volatility.

Experts react positively to the move, emphasizing its role in fostering stability and predictability in the forex market.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

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