CBN sells $543m to banks to check market volatility …C0NTINUE READING HERE >>>
The Central Bank of Nigeria (CBN) says it sold 543.5 million dollars to authorised dealer banks between September 6 and September 30.
According to a statement issued by Omolara Duke, the Director, Financial Markets Department of the CBN, the transaction was through a two-way quote at the Nigeria Foreign Exchange Market (NFEM) on 11 dealing days.
Duke said that the spot sales was to reduce observed market volatility driven by high demand for commodity imports and seasoned demand for fx.
She said that the value date for all the transactions was T+2. The T+2 refers to the settlement…
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