• Thursday, June 20, 2024
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BusinessDay

CBN intervenes in forex market to boost liquidity

CBN’s new FX rules to shore-up dollar supply, stabilise naira

The Central Bank of Nigeria (CBN) intervened in a special forex sale on Friday to boost liquidity on the interbank market and strengthen the naira, a dealer at a major bank told Reuters.

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Two large sales were done at 198.50 naira to the dollar, totalling $40.8 million, Thomson Reuters data showed.

Trading on Nigeria’s foreign exchange market was delayed until after 10 a.m. on Friday to allow dealers to submit demand for dollars to the central bank.