In recent weeks, the Central Bank of Nigeria (CBN) has intensified its efforts to stabilize the naira, aiming to recover its lost value against the US dollar in both the official and unofficial markets. The CBN has implemented strategic measures, including the sale of dollars to Nigerian banks, to enhance liquidity in the exchange markets. This initiative comes at a crucial time as the naira has shown signs of recovery, regaining significant value in forex trading.
According to reports, the CBN has sold over $300 million to Nigerian banks over the past 14 days as part of its strategy to stabilize the naira's value. This information was highlighted in a memo from the Association of Corporate Treasurers of Nigeria, which provided insights into the central bank's recent activities and their implications for the economy.
As the CBN continues to navigate the challenges of foreign exchange fluctuations, the recent dollar sales have garnered attention, particularly as they coincide with a period of rapid depreciation for the naira. With rates at the official market soaring, the CBN's actions aim to restore confidence among stakeholders and provide a more favorable trading environment.
