The Central Bank of Nigeria (CBN) says it 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.
In a statement on Friday by Omolara Duke, the bank’s director in charge of financial markets, CBN said of the total transaction, $67.50 million was sold to 27 authorised dealers.
Also, the apex bank said $2.5 million was bought from one authorised dealer on July 10.
“The range of the bid for the July 10, 2024 sales was N1,480.0/US$ – 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,” the statement reads.
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“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 said the value date for the payments of the spot sale is July 15.
The financial regulator urged all authorised dealers to ensure FX purchases from the CBN are utilised exclusively for trade-backed transactions — which should be reported within 72 hours.
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According to the statement, the CBN supplies FX to the FX market to “improve liquidity through FX spot sales to Authorized Dealers using two-way quotes”.
CBN assured it would continue to ensure stability in the FX market.
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