CBN Sells $122.671m To 46 Authorised Dealers

-Warns Dealers Of Breaking Rules

The Central Bank on Friday warned forex authorized dealers to ensure forex purchase from apex bank is used exclusively for trade backed transactions to be reported within 72 hours.

The warning came as CBN sold $122,671 million to 46 authorised dealers in its quest , to promote stability and reduce market volatility in the foreign exchange market.

A statement signed by the Bank’s Director in charge of Financial Markets, Dr. Omolara Duke, disclosed that of the total sale, $67,500 million was sold to 27 Authorised Dealers, while the sum of$2.5 million was bought from one Authorised Dealer on July 10, 2024.

The range of the bid for the July 10, 2024 sales was N1,480.0/$-N1,500.0/$, 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 $55,171 million was sold to 19 Authorised Dealers at N1,540.0/US$, and no FX was purchased. The value date for the payments of the spot sale is July 15, 2024. .

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