CBN Supplies Biggest Dollar Sale in One Month as Analyst Predicts New Stable Naira Rate [Video]

• The CBN recorded its biggest dollar sales in a single month at $575 million based on FMDQ Securities Exchange data
• May’s dollar sales record surpassed the combined sales for the two preceding months, March and April
• CEO of Financial Derivatives Company said the currency is expected to stabilise between N1,350 and N1,450

Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.

In May 2024, the Central Bank of Nigeria (CBN) intervened in the foreign exchange market to increase supply, recording its biggest dollar sales in a single month.

The apex bank offloaded almost $575 million in May to offset lower inflows of foreign investment, according to information retrieved from the FMDQ Securities Exchange.

The sales of dollars in May exceeded the total sales over the preceding two months. A total of $340 million was sold by the CBN in the prior months; this includes $151 …