The Central Bank of Nigeria (CBN) has sold $122,671 million to 46 authorised dealers.

According to a statement issued by the apex bank’s director in charge of financial markets, Omolara Duke, the move aims to promote stability and reduce market volatility in the foreign exchange market.

Ms Duke said $67.5 million of the total sale was sold to 27 authorised dealers, while 2.5 million was bought from one authorised dealer on July 10.

She said the bid range for the July 10 sales was between N1,480 and N1,500 to the dollar, while the value date for the payments, going by the two-day settlement cycle, was July 12.

“Similarly, on July 11, the sum of $55.171 million was sold to 19 authorised dealers at N1,540 to the dollar.

“The value date for the payments of the spot sale is July 15,” she said.

She urged all authorised dealers to ensure that foreign exchange purchases from the CBN were used exclusively for trade-backed transactions, which should be reported within 72 hours.

Ms Duke said the CBN supplied FX to the market to improve liquidity through spot sales to authorised dealers using two-way quotes.

She assured that the CBN would continue to ensure stability in the FX market.

(NAN)