July 12, 2024

By InvestAdvocate

Lagos (INVESTADVOCATE)-The Central Bank of Nigeria (CBN) said it sold $122.67 million to 46 authorised dealers to promote stability and reduce volatility in the foreign exchange market. 

“Consequently, a total sum of US$122,671 million was sold to Authorised Dealers between July 10-11, 2024, of the total sale, US$67,500 million was sold to 27 Authorised Dealers, while US$2.5 million was bought from one Authorised Dealer on July 10, 2024. The bid range for the July 10, 2024, sales was N1,480.0/US$ to N1,500.0/US$, while the payment value date, going by the settlement cycle of two days (T+2), is July 12, 2024. 

On July 11, 2024, US$55.17 Million was sold to 19 Authorised Dealers at N1,540.0/US$, and there was no purchase of fx. The value date for the payments of the spot sale is July 15, 2024. The value date for the payments of the spot sale is July 15, 2024. 

All Authorised Dealers are to ensure that foreign exchange purchases from the Bank are used exclusively for trade-backed transactions, which should be reported within 72 hours.The CBN will continue to ensure stability in the FX market,” the Statement affirmed.