As part of measures to promote stability and reduce market volatility in the foreign exchange market, the Central Bank of Nigeria (CBN) has sold $122.67m to 46 authorised dealers
A statement signed by the Bank’s Director in charge of Financial Markets, Dr. Omolara Duke, disclosed that of the total sale, $67,500m was sold to 27 dealers, while the sum of US$2.5m was bought from one authorised dealer on July 10, 2024.
The range of the bid for the July 10, 2024 sales was ₦1,480.0/US$- ₦1,500.0/US$, while the value date for the payments, going by the settlement cycle of two days, is July 12, 2024.
Similarly, on July 11, 2024, the sum of $55,171m was sold to 19 authorised dealers at ₦1,540.0/US$, and no FX was purchased. The value date for the payments of the spot sale is July 15, 2024.
The apex bank urged all authorised dealers, to ensure that foreign exchange purchases from the CBN, are 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 market to improve liquidity through FX spot sales to authorised Dealers using two-way quotes, it assured that the bank will continue to ensure stability in the FX market.
