Central Bank of Nigeria Sells $876.26 Million in Foreign Exchange to 26 Banks
Sunday, 11 August 2024, 06:13
Central Bank of Nigeria's FX Sale Details
The Central Bank of Nigeria (CBN) recently announced that it has sold a total of $876.26 million in foreign exchange (FX) to 26 banks at a rate of N1,495 per dollar.
Disqualification of Six Banks
Interestingly, six banks were disqualified from participating in this sale, which raises substantial questions regarding their compliance with the CBN's operational guidelines.
Impact on the Foreign Exchange Market
- This substantial sale is part of the CBN's broader strategy to enhance liquidity in the foreign exchange market.
- The actions taken by the CBN reflect ongoing efforts to stabilize the naira.
- Market response will be closely monitored to assess the effectiveness of these measures.
As the CBN continues to navigate economic challenges, the outcome of these sales will be pivotal in shaping the future trajectory of Nigeria's foreign exchange landscape.
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.