The Central Bank of Nigeria (CBN) has executed a sale of $122.671 million to 46 authorized dealers aimed at enhancing stability and reducing volatility in the foreign exchange market.
Dr. Omolara Duke, Director of Financial Markets at the CBN, reported that $67.5 million was allocated to 27 dealers, with an additional $55.171 million disbursed to 19 dealers at a specified exchange rate.
Transactions completed on July 10 and July 11, 2024, adhered to a two-day settlement cycle, with payments scheduled accordingly.
The CBN emphasized the use of purchased foreign exchange exclusively for trade-related transactions, urging dealers to report these transactions promptly within 72 hours.
Dr. Duke reaffirmed the CBN’s commitment to ensuring liquidity in the market through spot sales using competitive quotes.
