These fluctuations are primarily caused by the demand pressure coming from corporate entities and the seasonal increase typical during the summer period.
By implementing regular sales of foreign exchange, the CBN aims to stabilise the market and ensure smoother transactions for both businesses and individuals involved in foreign exchange activities.
Director, 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.
These transactions took place within an exchange rate range of N1,498.00/US$1 to N1,530.00/US$1. Additionally, the CBN purchased US$9,500,000 (Nine Million and Five Hundred Thousand Dollars) from four authorized dealer banks at rates between N1,510.00/US$1 and N1,550.00/US$1. All these transactions are marked for settlement on July 19, 2024.
The Central Bank also stated its commitment to closely monitor compliance with existing trading rules and regulations by authorized dealer banks. This is seen as an effort to promote ethical conduct and ensure stability in the foreign exchange market.

The general public was also advised to direct their foreign exchange demands to their respective banks and BDC operators, adhering to prevailing market regulations.
With the regular sale of foreign exchange and ongoing monitoring of trading practices, the CBN aims to meet demand pressure, foster stability, and sustain a well-functioning foreign exchange market.



