Subsequent to the apex bank’s confirmation of foreign
exchange sales amounting to $122.67 million to 46 authorized dealers on Friday,
this information is being provided.
The Bank's Director in charge of Financial Markets, Dr.
Omolara Duke, has announced the release of a new statement. This release is
part of the bank’s ongoing commitment to fostering stability and minimizing
market volatility within the foreign exchange market.
The statement read in part, “The Central Bank of Nigeria has
sold the sum of $122,671,000 to 46 authorised dealers in its determination to
promote stability and reduce market volatility in the foreign exchange market.”
In the previous month, Aminu Gwadebe, the President of the
Association of Bureau De Change Operators of Nigeria, announced that the
central bank had halted the supply to BDCs since March. The bank was also
progressing towards a full liberalization of the foreign currency market,
eliminating the need for its involvement.
He said, “The BDC window has been suspended by the Central
Bank of Nigeria since around March or so. The last time we were funded I think
was around March.”
The recent forex sales break has led to a further
depreciation of the naira, reaching N1554/$ in the official market on Thursday.
Earlier this week, Nigeria’s external reserves experienced a
notable increase, reaching $35.05 billion as of July 8, 2024.
This marks a significant milestone, as it is the first time the reserves have surpassed the $35 billion threshold during the current administration of President Bola Tinubu.