Forex: CBN sells $122.67 million to 46 authorized dealers

The Central Bank of Nigeria (CBN) has sold $122.67 million to 46 authorized Bureau De Change (BDC) dealers in the country.

This is in line with the central bank’s determination to promote stability and reduce market volatility in the foreign exchange market.

CBN Director in charge of Financial Markets, Dr. Omolara Duke, disclosed this in a statement in Abuja on Friday.

He said $67,500 was sold to 27 dealers, while $2.5 million was purchased from one authorized dealer on July 10.

READ ALSO: Again, CBN Says Foreign Exchange Claim of IDR 2.4 Trillion from IDR 7 Trillion is Fictitious

The statement read: “The bid range for the July 10, 2024 sale is ₦1,480.0/US$-₦1,500.0/US$, while the value date for payment, based on a two-day settlement cycle, is July 12, 2024.

“Similarly, on July 11, 2024, a total of $55.171 million was sold to 19 authorized dealers at ₦1,540.0/US$, and no foreign currency was purchased. The value date for the spot sale settlement is July 15, 2024.”

The central bank urged all foreign exchange traders to ensure that foreign exchange purchases from the CBN are used exclusively for trade-supported transactions and reported within 72 hours.

Forex Post: CBN sells $122.67 million to 46 authorized dealers first appeared on Latest Nigeria News | Top Stories from Ripples Nigeria.