The central bank of Nigeria sells $148 million to 29 approved dealers

In an effort to alleviate demand pressure, Nigeria’s central bank announced on Friday that it has sold $148 million in foreign exchange to 29 authorized dealer banks in the spot market.

In the Nigerian Foreign Exchange Market, the central bank disclosed that it sold dollars to dealers at varying rates on July 22 and 23. Additionally, the bank purchased $2 million from a dealer bank at a specific rate.

In recent weeks, the Naira has faced significant pressure, reaching its lowest point in four months on July 18 at 1,640.

In an effort to enhance market liquidity and stabilize the currency, the central bank has once again started selling dollars to dealers on a regular basis.