The Central Bank of Nigeria (CBN) started selling US dollars to bureau de change operators and authorized dealers on Thursday, initiating a significant intervention in the foreign exchange market.
With comparatively lower exchange rates at the official and informal markets, the apex bank intervened in the foreign currency market to prevent the naira from plunging out of control.
According to information acquired by Bizwatch Nigeria, the apex bank sold $13.5 billion to banks and other authorized dealers for between N1510-N1530 per US dollar. Similarly, the BDCs each purchased a $20,000 deal from the CBN for N1450.00.
