By Barnabas Esiet.
As part of measures to promote stability and reduce market volatility in the Nigerian foreign exchange market, the Central Bank of Nigeria (CBN) has announced the sale of US$122.67 million to 46 authorised dealers in the country.
In a statement signed by the Bank’s Director in charge of Financial Markets, Dr. Omolara Duke, made available to Newsshelve over the weekend, the apex bank noted that US$67.50 million was sold to 27 Authorised Dealers, while the CBN purchased US$2.50million from one of the Authorised Dealers on July 10, 2024.
The statement disclosed that bid range for the July 10, 2024 sales was N1,480.0/US$-N1,500.0/US$, while the value date for the payments is July 12, 2024, going by the settlement cycle of two days (T+2).
The apex bank also mentioned that on July 11, 2024, the sum of US$55.17 million was sold to 19 Authorised Dealers at N1,540.0/US$, and there was no FX purchase on the same date while the value date for the payments of the spot sale is July 15, 2024.
The CBN emphasized that foreign exchange purchases must be used exclusively for trade-backed transactions, reported within 72 hours.
The bank reassured stakeholders of its commitment to maintaining market stability with adequate foreign exchange supplies through spot sales to authorized dealers using two-way quotes.
Comment here