The Central Bank of Nigeria (CBN) sold a total of $543.5 million from September 6 to 30, 2024, to authorized dealer banks through two-way quotes at the Nigerian Foreign Exchange Market (NFEM) within 11 dealing days, LEADERSHIP news reports.

The Central Bank made the disclosure in a statement that was signed by its director, financial markets department, Omolara Duke, on Friday.

The FX spot sales were 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. Dr Duke said the press release was 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 authorised 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,” she stated.