Saturday, May 31, 2025
Home Business CBN SELLS $122.671 MILLION TO 46 AUTHORISED DEALERS.

CBN SELLS $122.671 MILLION TO 46 AUTHORISED DEALERS.

CBN SELLS $122.671 MILLION TO 46 AUTHORISED DEALERS
 The Central Bank of Nigeria  (CBN)   says it has sold the sum of US$122,671,000.00 (One Hundred and Twenty-Two Million, Six Hundred and Seventy-One Thousand United States Dollars) to 46 authorised dealers in its determination 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,  Omolara Duke, disclosed that of the total sale,  US$67,500,000.00 (Sixty-Seven million, Five Hundred Thousand US Dollars) was sold to 27 Authorised Dealers, while the sum of US$2.5 million (Two Million, Five Hundred Thousand US Dollars) was bought from one Authorised Dealer on July 10, 2024.
The range of the bid for the July 10, 2024 sales was N1,480.0/US$-N1,500.0/US$, 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 US$55,171, 000 (Fifty-Five Million, One Hundred and Seventy-One Thousand US Dollars) was sold to 19  Authorised Dealers at N1,540.0/US$, and no FX was purchased. The value date for the payments of the spot sale is July 15, 2024.
The statement, therefore, urged all Authorised Dealers to ensure that foreign exchange purchases from the CBN are used exclusively for trade-backed transactions, which should be reported within 72 hours.
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.
RELATED ARTICLES

NEPZA, PUBLIC ACCOUNT CTTEE TO ENFORCE REGULATIONS ON FTZs BUSINESSES..

The Nigeria Export Processing Zones Authority (NEPZA) and the House Committee on Public Account have resolved to strictly activate their regulations on Free Trade...

NATIONAL INDUSTRIAL TRAINING AND DEVELOPMENT SUMMIT : FG HARPS ON UNLOCKING FULL POTENTIAL OF NIGERIA’S INDUSTRIAL TRANSFORMATION .

  The Federal Government has inaugurated seven planning committees for the forthcoming National Industrial Manpower Summit.   Inaugurating the Committees in Abuja, the Minister of State for...

NCC Mandates Service Providers to Inform Consumers about Major Outages on Networks, Launches Portal.

  The Nigerian Communications Commission (NCC) has mandated telecom licensees in Nigeria to inform consumers of major service outages on their networks through media channels,...

Most Popular

DIPHTHERIA OUTBREAK – I N IMO STATE.

The Imo State Commissioner for Primary and Secondary Education, Professor B. T. O. Ikegwuoha, has announced an urgent school closure following a confirmed outbreak...

NAF DELIVERS DEVASTATING BLOW TO BOKO HARAM IN PRECISION OVERNIGHT AIR STRIKES IN SUPPORT OF GROUND TROOPS

  The Nigerian Air Force (NAF), through the Air Component of Operation Hadin Kai,  says it has recorded a major operational success against Boko Haram...

NEPZA, PUBLIC ACCOUNT CTTEE TO ENFORCE REGULATIONS ON FTZs BUSINESSES..

The Nigeria Export Processing Zones Authority (NEPZA) and the House Committee on Public Account have resolved to strictly activate their regulations on Free Trade...

NATIONAL INDUSTRIAL TRAINING AND DEVELOPMENT SUMMIT : FG HARPS ON UNLOCKING FULL POTENTIAL OF NIGERIA’S INDUSTRIAL TRANSFORMATION .

  The Federal Government has inaugurated seven planning committees for the forthcoming National Industrial Manpower Summit.   Inaugurating the Committees in Abuja, the Minister of State for...

Recent Comments