Sunday, July 27, 2025
  • REPORT A STORY
  • PRIVACY
  • CONTACT US
WITHIN NIGERIA - NEWS PICKS
  • HOME
  • FEATURES
  • NEWS PICKS
    • BREAKING
    • National
    • Local News
    • Politics
    • Diaspora
    • Business
    • Education
    • Sports
    • World News
      • Africa
      • U.S
      • Asia
      • Europe
    • XTRA
  • ENTERTAINMENT
  • MORE
    • GIST
    • ARTICLES
    • VIDEOS
No Result
View All Result
WITHIN NIGERIA - NEWS PICKS
No Result
View All Result
  • HOME
  • FEATURES
  • NEWS PICKS
  • ENTERTAINMENT
  • MORE

CBN Sells $122.67m to 46 Authorized Dealers to Stabilize FX Market

The bid range for the July 10 sales was N1,480/US$ to N1,500/US$

paulcraft by paulcraft
July 13, 2024
in Business
Reading Time: 1 min read
0 0
A A
0
cbn
Share on FacebookShare on Twitter
  • The CBN sold a total of $122,671,000 to 46 authorized dealers to promote stability and reduce volatility in the foreign exchange market
  • The CBN emphasized that authorized dealers must ensure foreign exchange purchases are used exclusively for trade-backed transactions and reiterated its commitment to maintaining FX market stability

The Central Bank of Nigeria (CBN) has sold $122,671,000 to 46 authorized dealers in an effort to promote stability and reduce volatility in the foreign exchange (FX) market. This initiative was disclosed in a statement signed by Dr. Omolara Duke, the Bank’s Director of Financial Markets.

Of the total sale, $67.5 million was sold to 27 authorized dealers, while $2.5 million was purchased from one authorized dealer on July 10, 2024. The bid range for the July 10 sales was N1,480/US$ to N1,500/US$, with a value date for payments, following the two-day settlement cycle (T+2), set for July 12, 2024.

On July 11, 2024, the CBN sold an additional $55,171,000 to 19 authorized dealers at N1,540/US$, with no foreign exchange purchased. The value date for these spot sales payments is July 15, 2024.

The CBN’s statement emphasized that authorized dealers must ensure foreign exchange purchases from the CBN are used exclusively for trade-backed transactions, which should be reported within 72 hours. The bank reiterated its commitment to supplying foreign exchange to the market to enhance liquidity through FX spot sales to authorized dealers using two-way quotes, assuring continued efforts to maintain stability in the FX market.

POPULAR TODAY

  • All
  • National
  • Local News
  • Politics
  • World News
  • Sports
  • XTRA

BREAKING: Nigeria rally from two goals down to defeat Morocco in WAFCON final

July 26, 2025

Oshiomhole: Looks can deceive…APC corrects wrong impression with Yilwatda’s emergence

July 26, 2025

Why Peter Obi must notify Gov Okpebholo before visiting Edo – Oshiomhole

July 26, 2025

Fayose: I held back criticism of Buhari after death due to wife’s advice

July 26, 2025

READ ALSO

BREAKING: CBN retains interest rate at 27.5%, says eight banks meet recapitalisation targets

Dangote pledges climate fund support, hails Tinubu’s flood-control legacy

World Bank names Verghis as new country director for Nigeria

BREAKING: AMCON sells Ibadan Disco

Discussion about this post

ADVERTISEMENT
NEWS PICKS — WITHIN NIGERIA

WITHIN NIGERIA MEDIA LTD.

NEWS, MULTI MEDIA

WITHIN NIGERIA is an online news media that focuses on authoritative reports, investigations and major headlines that springs from National issues, Politics, Metro, Entertainment; and Articles.

Follow us on social media:

CORPORATE LINKS

  • About
  • Contacts
  • Report a story
  • Advertisement
  • Content Policy
  • Privacy Policy
  • Terms
 
  • Fact-Checking Policy
  • Ethics Policy
  • Corrections Policy
  • REPORT A STORY
  • PRIVACY
  • CONTACT US

© 2022 WITHIN NIGERIA MEDIA LTD. designed by WebAndName

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • HOME
  • FEATURES
  • NEWS PICKS
    • BREAKING
    • National
    • Local News
    • Politics
    • Diaspora
    • Business
    • Education
    • Sports
    • World News
      • Africa
      • U.S
      • Asia
      • Europe
    • XTRA
  • ENTERTAINMENT
  • MORE
    • GIST
    • ARTICLES
    • VIDEOS

© 2022 WITHIN NIGERIA MEDIA LTD. designed by WebAndName