The Central Bank of Nigeria (CBN) on Friday intervened in the foreign exchange market by selling the sum of US$122.67 million to 46 authorised dealers in its determination to promote stability and reduce market volatility in the market.

A statement signed by Omolara Duke, CBN’s director in charge of financial markets,  disclosed that of the total sale,  US$67,500,000.00 was sold to 27 authorised dealers, while the sum of US$2.5 million 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.

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Similarly, on July 11, 2024, the sum of US$55.17  was sold to 19  authorised dealers at N1,540.0/US$, 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 market to improve liquidity through FX spot sales to authorised dealers using two-way quotes, it assured that the Bank will continue to ensure stability in the FX market.

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By Iheanyi Nwachukwu • July 12, 2024

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.

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