The Central Bank of Nigeria (CBN) sold a total of US$543.5 million (Five Hundred and Forty- Three Million, Five Hundred Thousand US Dollars Only) from September 06-30, 2024, to Authorized Dealer banks through two-way quotes at the Nigerian Foreign Exchange Market (NFEM) on 11 dealing days as shown below:
SUMMARY OF FX SPOT SALES, SEPTEMBER 06-30, 2024
RANGE/RATES OF FX
S/N
DATE
SALES US$
SOLD
1
September 6, 2024
39,000,000.00
N1580.00/US$-N1605.00/US$
2
September 9, 2024
66,000,000.00
N1570.00/US$-N1585.00/US$
3
September 11, 2024
77,000,000.00
N1540.00/US$-N1575.00/US$
4
September 13, 2024
46,000,000.00
5
September 18, 2024
24,000,000.00
N1540.00/US$-N1575.00/US$
N1530.00/US$-N1540.00/US$
6
September 19, 2024
28,000,000.00
7
September 20, 2024
31,000,000.00
N1540.00/US$-N1555.00/US$
N1540.00/US$-N1545.00/US$
8
September 23, 2024
17,500,000.00
N1540.00/US$
9
September 26, 2024
80,000,000.00
N1570.00/US$-N1580.00/US$
10
September 27, 2024
79,000,000.00
11
September 30, 2024
56,000,000.00
N1530.00/US$-N1580.00/US$
N1540.00/US$
TOTAL
543,500,000.00
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The FX spot sales was to reduce observed market volatility driven by high demand for commodity importation and seasonal demand for FX. The value dates for all the transactions were T+2.
This press release is to educate and provide guidance to the general public on the pricing of FX by taking a clue from the range of rates at which FX was sold by the CBN to Authorized Dealer banks.
The CBN will continue to facilitate the supply of FX into the Nigerian Foreign Exchange Market (NFEM) as part of its holistic FX Management strategy. The attached provides further details on the Fx sales.
