The Central Bank of Nigeria says it has sold foreign currencies worth $122.67 million to 46 authorised dealers in two days to ensure stability and reduce foreign exchange market volatility.ank’s director in charge of financial markets, CBN said of the total transaction, $67.50 million was sold to 27 authorised dealers.“The range of the bid for the July 10, 2024 sales was N1,480.0/US$ – N1,500.
“Similarly, on July 11, 2024, the sum of US$55,171, 000 was sold to 19 Authorised Dealers at N1,540.0/US$, and no FX was purchased.”The financial regulator urged all authorised dealers to ensure FX purchases from the CBN are utilised exclusively for trade-backed transactions — which should be reported within 72 hours.According to the statement, the CBN supplies FX to the FX market to “improve liquidity through FX spot sales to Authorized Dealers using two-way quotes”.