In a move to stabilize the foreign exchange market and counteract the recent depreciation of the naira, the Central Bank of Nigeria (CBN) has disbursed $148 million to 29 authorized dealers.

This was disclosed in a statement posted on the apex bank’s website on Friday.

The statement highlighted that the sales were conducted on Monday, July 22, and Tuesday, July 23, 2024, with exchange rates ranging between ₦1470.00/$1 and ₦1510.00/$1.

This intervention follows the CBN’s previous disbursement of $122.67 million to 46 authorized dealers two weeks ago, aimed at promoting market stability and reducing volatility.

Additionally, a week ago, the CBN announced the sale of $20,000 to each Bureau De Change (BDC) operator at the rate of ₦1,450/$1.

Despite these efforts, the naira has continued to depreciate, trading above ₦1,600 against the US dollar at the official market on Thursday.

The continuous decline of the naira has raised concerns among businesses and consumers, with rising import costs and increasing inflationary pressures.

The CBN’s interventions are critical in providing liquidity and restoring confidence in the market during these challenging times.

The statement read, “The Central Bank of Nigeria sold a cumulative sum of US S148,000,000.00 in the Nigerian Foreign Exchange market to authorised dealers on July 22 and 23, 2024.

“The sale of foreign exchange was to 29 authorised dealer banks at an exchange rate of 1470.00/US$1-1510.00/US$1.”