Central Bank of Nigeria (CBN) has sold foreign currencies worth $122.67 million to 46 authorised dealers in two days to ensure stability and reduce foreign exchange (FX) market volatility.
Gatekeepers News reports that director in charge of financial markets, in CBN, Omolara Duke revealed this through a statement released on Friday.
According to CBN; $67.50 million out of the total transaction was sold to 27 authorised dealers.
The apex bank added that $2.5 million was bought from one authorised dealer on July 10.
The statement goes, “The range of the bid for the July 10, 2024 sales was N1,480.0/US$ – N1,500.0/US$, while the value date for the payments, going by the settlement cycle of two days (T+2), is July 12, 2024.”
“Similarly, on July 11, 2024, the sum of US$55,171, 000 (Fifty-Five Million, One Hundred and Seventy-One Thousand US Dollars) was sold to 19 Authorised Dealers at N1,540.0/US$, and no FX was purchased.”
CBN added that the value date for payments of the spot sale is July 15, urging all authorised dealers to ensure FX purchases from it are utilised exclusively for trade-backed transactions, which should be reported within 72 hours.
It was revealed that CBN supplies FX to the FX market to “improve liquidity through FX spot sales to Authorized Dealers using two-way quotes”.
CBN further assured it would continue to ensure stability in FX market.
