In a decisive move to stabilize the economy, the Central Bank of Nigeria (CBN) has intervened in the foreign exchange market.
Eko Hot Blog gathered that this intervention aims to address the persistent issues of currency volatility and scarcity of foreign exchange, which have been impacting businesses and consumers alike.
Director, the Financial Markets Department of the CBN Dr Omolara Omotunde Duke in a statement on Friday night assured the public of the bank’s commitment to address the demand pressure and stabilize the foreign exchange market.
Highlighting recent transactions, the CBN disclosed that it sold a total sum of US$106,500,000.00 to 29 authorized dealer banks on Thursday, July 18 and Friday, July 19, 2024.
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The move is expected to alleviate the pressure on the naira and reduce the disparity between the official exchange rate and the parallel market rate.
The CBN has also reiterated its commitment to maintaining a stable and predictable foreign exchange market, which is crucial for economic growth and investor confidence.
The impact of this intervention will be closely monitored in the coming weeks to assess its effectiveness in curbing the volatility and ensuring the availability of foreign currency for critical sectors of the economy.
The general public was also advised to direct their foreign exchange demands to their respective banks and BDC operators, adhering to prevailing market regulations.
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