In September 2024, the Central Bank of Nigeria (CBN) sold a total of $543.5 million to help stabilize the foreign exchange (FX) market.
This intervention was part of ongoing efforts to reduce the volatility in the naira’s value and address the growing demand for foreign currency in the Nigerian economy.
The CBN’s move is aimed at providing liquidity to the FX market, ensuring businesses and individuals have access to foreign currency for critical imports and other financial obligations.
This strategy has been a consistent approach by the central bank to curb the naira’s depreciation against major currencies, especially the US dollar, and to manage the country’s balance of payments.
However, despite these interventions, Nigeria continues to face challenges in maintaining exchange rate stability, largely due to fluctuating oil revenues, rising import demands, and other macroeconomic pressures.
The CBN is expected to continue similar interventions to manage the market and prevent excessive currency fluctuations.
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