The Central Bank of Nigeria (CBN) on Friday announced the sale of US$122,671,000 to 46 authorised dealers in its determination to promote stability and reduce market volatility in the foreign exchange market.

A statement signed by its Director in charge of Financial Markets, Dr. Omolara Duke, directed the Authorised Dealers to ensure that foreign exchange purchases from the CBN are used exclusively for trade-backed transactions.

Such transactions, she added, should be reported within 72 hours, 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.

A breakdown of the sale showed that of the total amount,  US$67.5m was sold to 27 Authorised Dealers, while another US$2.5m was bought from one Authorised Dealer on July 10, 2024.

The range of the bid for the July 10, 2024 sales, he noted was N1,480/US$-N1,500/US$, 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$55.171m was sold to 19  Authorised Dealers at N1,540/US$, and no FX was purchased. The value date for the payments of the spot sale is July 15, 2024.

The statement assured that the CBN will continue to ensure stability in the FX market.