The Central Bank of Nigeria (CBN) has announced the sale of US $122,671,000.00 to 46 authorised dealers in its determination to promote stability and reduce market volatility in the foreign exchange market.
A statement by the Bank’s Director in charge of Financial Markets, Dr. Omolara Duke, said that of the total sale, US $67,500,000.00 was sold to 27 Authorised Dealers, while the sum of US$2.5 million was bought from one Authorised Dealer on July 10.
The statement said that the range of the bid for the July 10, 2024 sales was N1,480.0/US$-N1,500.0/US$, while the value date for the payments, going by the settlement cycle of two days is July 12, 2024.
It said that on July 11, 2024, the sum of US$55,171, 000 was sold to 19 Authorised Dealers at N1,540.0/US$, and that no FX was purchased.
The statement said that the value date for the payments of the spot sale is July 15, 2024, adding that all Authorised Dealers should ensure that foreign exchange purchases from the CBN are used exclusively for trade-backed transactions, which should be reported within 72 hours.
Ehile 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.
