In a bid to promote stability and reduce market volatility in the foreign exchange market, the Central Bank of Nigeria (CBN) has sold a total of $122,671,000.00 to 46 authorized dealers.
Dr. Omolara Duke, the Bank’s Director in charge of Financial Markets, disclosed in a statement that out of the total sale, $67,500,000.00 was sold to 27 authorized dealers, while $2.5 million was purchased from one authorized dealer on July 10, 2024.
The bid range for the July 10 sales was between N1,480.0/US$ and N1,500.0/US$, with a payment value date of July 12, 2024, following the two-day settlement cycle (T+2).
On July 11, 2024, the CBN sold an additional $55,171,000.00 to 19 authorized dealers at a rate of N1,540.0/US$.
No foreign exchange was purchased on that day, and the payment value date for this spot sale is set for July 15, 2024.
The CBN urged all authorized dealers to ensure that foreign exchange purchases are used exclusively for trade-backed transactions, which must be reported within 72 hours.
The Bank emphasized its commitment to supplying foreign exchange to the FX market to improve liquidity through FX spot sales to authorized dealers using two-way quotes.
The CBN reassured the public of its dedication to maintaining stability in the FX market.
