CBN sells $876.26m at N1,495 per dollar in retail Dutch Auction System

The Central Bank of Nigeria, CBN said it sold a full of $876.26 cardinal to extremity users from 26 palmy banks astatine a cut-off complaint of a cut-off complaint of N1495 per dollar.

This is arsenic the slope commenced its latest Retail Dutch Auction System.

The apex slope disclosed this successful a connection connected Wednesday signed by Omolara Duke, its
Director, Financial Markets Department.

CBN noted that full bids came to US$1.18 cardinal which was received from 32 authorized trader banks.

The apex stressed that portion 26 banks successfully submitted bids for FX, six banks were disqualified for not gathering with deadline and different requirements.

“The Bank approved a cut-off complaint of N1495/US$ for the Retail Dutch Auction wherever bids valued astatine US$876.26 cardinal from 26 banks qualified.

“While bids valued astatine US$313.69 cardinal from 6 (six) banks were disqualified. Of the disqualified bids, 4 (four) banks submitted their bids aft the cut-off clip of 3:00 pm, portion 2 (two) banks did not supply bids successful the template submitted. All bids with Form Q. and unverifiable Form A and Form M connected the Trade Portal were disqualified”, the connection partially reads.

Recall that connected Wednesday, CBN announced the commencement of the Retail Dutch Auction System amid the Dollar request spike.

On Wednesday, the Naira recorded 2 consecutive appreciations against the Dollar closed astatine N1601.

CBN sells $876.26m astatine N1,495 per dollar successful retail Dutch Auction System