The Central Bank of Nigeria (CBN) has sold the sum of US$122.671 million to 46 authorised dealers in its determination to promote stability and reduce market volatility in the foreign exchange market.
A statement signed by the Bank’s Director in charge of Financial Markets, Dr. Omolara Duke, indicated that of the total US$675 million was sold to 27 Authorised Dealers, while the sum of US$2.5 million was bought from one Authorised Dealer on July 10, 2024.
According to the Director, the range of the bid for the July 10 sales was N1,480.0/US$-N1,500.0/US$, while the value date for the payments, going by the settlement cycle of two days (T+2), is July 12, 2024.
Similarly, on July 11, 2024, the sum of US$55.171 million was sold to 19 Authorised Dealers at N1,540.0/US$, and no FX was purchased. The value date for the payments of the spot sale is July 15, 2024.
The apex bank, therefore, urged all Authorised Dealers to ensure that foreign exchange purchases from the CBN were used exclusively for trade-backed transactions, which should be reported within 72 hours.
While reiterating that the CBN supplies foreign exchange to the Foreign Exchange (FX) market to improve liquidity through FX spot sales to Authorized Dealers using two-way quotes, it assured that the Bank will continue to ensure stability in the FX market.
