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The Central Bank of Nigeria has distributed $148 million to 29 authorized dealers in an effort to stabilize the foreign exchange market amidst the recent decline of the naira.
The sales were conducted on July 22 and 23, 2024, at exchange rates ranging from 1,470.00/$1 to 1,510.00/$1.
The authorized dealers consist of banks and BDC operators. This action follows a previous sale of $122.67 million to 46 authorized dealers, aimed at increasing market liquidity and reducing volatility.
Additionally, the Central Bank announced the sale of $20,000 to each BDC at a rate of 1,450/$1. Despite these measures, the naira's value has decreased against the US dollar, trading above N1,600 at the official market.
The statement from the Central Bank highlighted that they also purchased $2 million from one authorized dealer at a rate of 1,505.00/$.
Financial analysts have expressed concerns about the high level of foreign liquidation in the Nigerian Exchange, with N311.41 billion worth of investments withdrawn recently.
