Forex: CBN sells $122.67m to 46 authorised dealers

The Central Bank of Nigeria (CBN) has sold $122.67 million to 46 authorised Bureau De Change (BDC) dealers in the country.
This was in line with the apex bank’s determination to promote stability and reduce market volatility in the foreign exchange market.
The CBN Director in charge of Financial Markets, Dr. Omolara Duke, disclosed this in a statement on Friday in Abuja.
She said $67,500 was sold to 27 dealers, while the sum of $2.5 million was bought from one authorised dealer on July 10.
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The statement read: “The range of the bid for the July 10, 2024 sales was ₦1,480.0/US$- ₦1,500.0/US$, while the value date for the payments, going by the settlement cycle of two days, is July 12, 2024.
“Similarly, on July 11, 2024, the sum of $55,171m was sold to 19 authorised dealers at ₦1,540.0/US$, and no FX was purchased. The value date for the payments of the spot sale is July 15, 2024.”
The apex bank urged all authorised dealers to ensure that foreign exchange purchases from the CBN are used exclusively for trade-backed transactions to be reported within 72 hours.
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