The Central Bank of Nigeria (CBN) recently sold $148 million to 29 authorized dealers to stabilize the foreign exchange market amid the naira's depreciation. These sales occurred at exchange rates between ₦1,470/$1 and ₦1,510/$1. This intervention follows previous sales aimed at increasing market liquidity. Despite these efforts, the Naira continues to fall, trading above ₦1,600/$1 in the official market. Financial analysts express concern over high foreign liquidation, with significant investments withdrawn in the first half of the year, signaling potential economic instability.
For more details, visit the [Punch article](https://punchng.com/cbn-sells-148m-to-29-authorised-dealers-amid-naira-fall/).
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