CBN, Banks sell $ 9.9bn, as naira falls to N1,670 / $
According to a report by a , the value of foreign exchange transfer through Nigeria ‘s autonomous foreign exchange market rose to N15.74tn ( $ 9.90bn ) in August 2024 .
This came after the Central Bank of Nigeria revealed that foreign inflows into the nation increased by $ 585 million in the same month .
Also , the value of the naira in the official market decreased to N1,658 against the US dollar , after being sold on Monday , while black market vendors sold at the price of N1,670 .
The impressive transaction through Nigeria ’s autonomous foreign exchange market represents a significant monthly increase of 33.88 percent , equivalent to a further increase of N2.51 trillion naira ( $ 7.39 trillion ) since July 2024. The value of foreign exchange transfer
through Nigeria ’s autonomous foreign exchange market increased to N15.74tn ( $ 9.90bn ) in August 2024 , according to a report by FMDQ . This came after the Central Bank of Nigeria revealed that foreign inflows into the nation increased by $ 585 million in the same month .
Also , at the official market on Tuesday , the value of the naira decreased by N1 to N1,658 against the US dollar , after being sold on Monday at N1 , while black market vendors sold at a price of N1,700 .
The impressive transaction through Nigeria ‘s autonomous foreign exchange market represents a significant monthly increase of 33.88 percent , equivalent to an additional increase of N2.51 trillion naira ( $ 7.39 trillion ) since July 2024 .
This increase reflects increased trading activity and investor participation in the foreign exchange market .
The main sellers of foreign exchange in NAFEM are commercial banks , CBN and international oil companies .
According to the FMDQ’s August financial markets monthly report, which was obtained by our correspondent on Tuesday, the increase in turnover was driven by the increase in T.bills, OMO Bills, and FGN Bonds. Transactions in other bonds recorded a MoM decrease of 18.43% (N10bn).
