The Central Bank of Nigeria has disbursed $148m to 29 authorised dealers as part of steps to stabilise the foreign exchange market amidst the recent free fall of the naira.
According to a statement posted on apex bank’s website on Friday, the dealers were sold to on Monday, July 22, and Tuesday, July 23, 2024, at currency rates ranging from N1470.00 to N1510.00 per dollar.
This development comes two weeks after the CBN sold $122.67 million to 46 authorised dealers in a move aimed at promoting market stability and reducing volatility.
A week ago, it also announced that $20,000 is to be sold to each BDC at the rate of N1,450/$1.
Despite this move, the naira has depreciated against the US dollars, trading above N1,600 on Thursday at the official market.
