Central Bank of Nigeria sold $148m to stabilize foreign exchange market amid Naira depreciation.

The Central Bank of Nigeria (CBN) has sold $148m to 29 authorised dealers in a bid to stabilise the foreign exchange market. This follows the recent free fall of the Naira. The sales were made between an exchange rate of N1470.00/$1 and N1510.00/$1 on July 22 and 23, 2024. The CBN has been taking various measures to promote market stability and reduce volatility amidst the naira's depreciation.