Oddbean

CBN Sells Dollars Cheaply Again to Banks as Naira Gains in Official, Black Markets ========== The Central Bank of Nigeria (CBN) sold $815.36 million out of the $1.19 billion FX exchange demanded by bank customers to reduce pressure on the naira; The naira appreciated against the US dollar in the official market at N1,574.20; The CBN approved a cut-off bid of N1,495.00 per dollar with a total successful bid of $815,362,006.30; Six banks were disqualified from the sale; The naira appreciated in the parallel market to N1,585 per dollar; The CBN undertook retail foreign exchange sales to end users to improve supply and promote price discovery; The naira appreciated N1,574.20 per dollar in the official market compared to the N1,593 it traded on Friday, August 10, 2024; FX turnover in the official market rose by $127.5% at $323.11 million on Friday, August 10, 2024; The margin between the parallel and official markets increased by N10.8 per dollar from N3.52; The CBN pegged the exchange rate sold to authorised dealer banks at N1,495 per dollar on Wednesday, August 7, 2024. #Cbn #Dollar #Naira #ForeignExchange #OfficialMarket #BlackMarket https://www.legit.ng/business-economy/economy/1607342-cbn-sells-dollars-cheaply-banks-naira-gains-official-black-markets/