The Central Bank of Nigeria (CBN) has sold USD 122,671,000 to 46 authorized dealers as part of its efforts to promote stability and reduce market volatility in the foreign exchange market.
In a statement signed by Dr. Omolara Duke, the Bank’s Director in charge of Financial Markets, it was disclosed that USD 67,500,000 was sold to 27 authorized dealers.
Additionally, USD 2.5 million was purchased from one authorized dealer on July 10, 2024.
The range of the bid for the July 10, 2024, sales was ₦1,480.0/US$-₦1,500.0/US$, with a value date for payments of July 12, 2024, following the settlement cycle of two days (T+2).
On July 11, 2024, the CBN sold USD 55,171,000 to 19 authorized dealers at ₦1,540.0/US$, with no foreign exchange purchased. The value date for these payments is July 15, 2024.
The statement urged all authorized dealers to use foreign exchange purchases from the CBN exclusively for trade-backed transactions, which must be reported within 72 hours.
Dr. Omolara Duke emphasized that the CBN supplies foreign exchange to the FX market to improve liquidity through FX spot sales to authorized dealers using two-way quotes. She assured that the Bank will continue to ensure stability in the FX market.
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