The Central Bank of Nigeria (CBN) told everyone that they gave $543.5 million to certain banks between September 6 and September 30.
Omolara Duke, who works at the CBN, said this happened over 11 days in a way that lets banks tell each other how much they want to pay for dollars and naira at the Nigeria Foreign Exchange Market (NFEM).
She said they sold the money to help keep the market calm during the times when lots of people need dollars to buy things from other countries.
This message was to explain how the CBN decides the prices at which it sells foreign money to banks so people can understand better.
It also said that the CBN will keep giving foreign money to the market to help manage the money better in Nigeria.
The statement read, “The Central Bank of Nigeria (CBN) sold $543.5 million from September 6 to 30, 2024, to banks in a special way at the Nigerian Foreign Exchange Market (NFEM) on 11 days.”
“These sales were to make sure the market didn’t go crazy with high demand for buying goods from other countries and when lots of people need foreign money. The deal times were set for two days later.”
How Naira Did in September
Selling foreign money to banks helped the naira get a little better in the official market. The naira was worth N1,541 in September 2024, getting a bit stronger than it was in July and August 2024. But, in the other market, called the parallel market, the naira got weaker, going down to N1,700/$, which was the lowest since February 2024.
According to the numbers from Nairalytics, September was a good month for the naira; it was the best since June 2024, when it was at N1,505/$ in the official market. In July, the naira was at N1,608/$ in the official market and N1,600/$ in the parallel market. The same kind of thing happened in August, with the naira at N1,598/$ in the official market and N1,616/$ in the parallel market.
Earlier, Newslodge shared that the Central Bank of Nigeria (CBN) plans to start a new computer system for foreign money deals in Nigeria from December 1, 2024.
The main bank said it will show prices as they change and work with the FMDA to make rules for this new electronic system.