FX market: CBN sells $122.671m to 46 authorised dealers

In a bid to promote stability and reduce market volatility in the foreign exchange market, the Central Bank of Nigeria, CBN, has sold the sum of USD122,671,000.00 to 46 authorised dealers.

According to a statement signed by the Bank’s Director in charge of Financial Markets, Dr Omolara Duke, USD 67,500,000.00, sixty-seven million, five hundred thousand US dollars, was sold to 27 Authorised Dealers.

He also noted that the sum of USD 2.5 million, two million, five hundred thousand US Dollars, was also bought from one Authorised Dealer on July 10, 2024.

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, while the sum of USD55,171, 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 on July 11, 2024.

The value date for the payments of the spot sale is July 15, 2024.

All Authorised Dealers are therfore encouraged to ensure that foreign exchange purchases from the CBN are used exclusively for trade-backed transactions, which should be reported within 72 hours, accprding to the statement.