CBN's Latest Dollar Sales and the Naira's Performance in Forex Markets

Sunday, 11 August 2024, 00:50

On August 9, 2024, the Central Bank of Nigeria (CBN) resumed selling foreign exchange to authorized banks at a rate of N1,594 per dollar. This move coincides with a strengthening of the naira, which demonstrates resilience in both official and black markets. The CBN's strategic sales aim to stabilize the currency and enhance liquidity in the forex market, thereby impacting economic activities positively.
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CBN's Latest Dollar Sales and the Naira's Performance in Forex Markets

The Central Bank of Nigeria's Recent Action

On August 9, 2024, the Central Bank of Nigeria (CBN) took significant steps by conducting foreign exchange (FX) sales to authorized dealer banks.

Details of the Dollar Sales

  • The CBN sold US dollars at a rate of N1,594 per dollar.
  • This measure comes as the naira demonstrates clear gains in both the official and black markets.

Implications for the Economy

  1. The CBN's sales aim to stabilize the currency.
  2. Enhancing liquidity in the forex market is likely to foster positive effects on economic activities.

In conclusion, the CBN's latest maneuver to sell dollars at a favorable rate underscores its efforts to strengthen the naira and stimulate economic growth.


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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