CBN Sells US Dollars to Banks, BDCs to Boost FX Liquidity
The Central Bank of Nigeria (CBN) has begun massive FX market intervention, selling US dollars to authorised dealers, and bureau de change operators on Thursday.
The apex bank, in an effort to defend the naira from free falling, conducted market wide FX intervention as relative lower exchange rates at the informal and official market.
MarketForces Africa gathered that the apex bank sold $13.5 billion at N1510- N1530 per US dollar to banks and other authorised dealers. In the same vein, the CBN sold $20,000 to each of the BDCs at N1450.00. #CBN Sells US Dollars to Banks, BDCs to Boost FX Liquidity
