Authorised 46 FX Dealers Buy $122.671m From CBN

To foster stability and lessen market volatility in the foreign exchange market, the Central Bank of Nigeria (CBN), the country’s premier financial institution, sold US$122,671,000.00 (one hundred and twenty-two million, six hundred and seventy-one thousand United States dollars) to 46 authorised dealers.

US$67,500,000.00 (sixty-seven million, five hundred thousand US dollars) of the total sale was sold to 27 authorised dealers, according to a statement signed by Dr. Omolara Duke, the bank’s director in charge of financial markets. On July 10, 2024, US$2.5 million (two million, five hundred thousand US dollars) was purchased from one authorised dealer. The range of the bid for the July 10, 2024 sales was N1,480.0/US$-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. The value date for the payments for the spot sale is July 15, 2024.

The statement, therefore, urged all authorised dealers to ensure that foreign exchange purchases from the CBN are used exclusively for trade-backed transactions, which should be reported within 72 hours.

While reiterating that the CBN supplies foreign exchange to the Foreign Exchange (FX) market to improve liquidity through FX spot sales to authorised dealers using two-way quotes, it assured that the Bank will continue to ensure stability in the FX market.