The Central Bank of Nigeria (CBN) has sold the sum of $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, disclosed that of the total sale, $67.5 million was sold to 27 Authorised Dealers, while the sum of $2.5 million was bought from one Authorised Dealer on July 10, 2024. The range of the bid for the July 10, 2024 sales was N1,480 to N1,500 to the dollar while the value date for the payments, going by the settlement cycle of two days (T+2), is July 12, 2024.
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Similarly, on July 11, 2024, the sum of $55.171 million was sold to 19 Authorised Dealers at N1,540 to the dollar and no foreign exchange was purchased. The value date for the payments of the spot sale is July 15, 2024.
The statement, therefore, 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 apex bank will continue to ensure stability in the forex market.