October 05, (THEWILL) – The Central Bank of Nigeria (CBN) has sold a total of $543.5 million to authorised dealer banks between September 6 and 30, 2024, to reduce market volatility driven by high demand for commodity importation and seasonal demand for FX.
A statement by CBN Director, Financial Markets Department, Omolara O. Duke, said the transaction was through a two-way quote at the Nigeria Foreign Exchange Market (NFEM) on 11 dealing days.
Duke said the value date for all the transactions was T+2. T+2 refers to the settlement dates of security transactions that occur on a transaction date plus two days.
Titled ‘FX Spot Sales Of US$543.5 Million to Authorised Dealers From September 06-30, 2024’, the statement reads: “The Central Bank of Nigeria (CBN) sold a total of US$543.5 million (Five Hundred and Forty-Three Million, Five Hundred Thousand US Dollars Only) from September 06-30, 2024, to Authorised Dealer Banks through two-way quotes at the Nigerian Foreign Exchange Market (NFEM) on 11 dealing days as shown below:
“The FX spot sales were to reduce observed market volatility driven by high demand for commodity importation and seasonal demand for FX.
“The value dates for all the transactions were T+2.
“This press release is to educate and provide guidance to the general public on the pricing of FX by taking a clue from the range of rates at which FX was sold by the CBN to Authorised Dealer Banks.
“The CBN will continue to facilitate the supply of FX into the Nigerian Foreign Exchange Market (NEEM) as part of its holistic FX Management strategy.
“The attached provides further details on the FX sales.”
FX SPOT SALES OF USD$543.5 MILLION
