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CBN Sells $876.26M at N1,495 per Dollar in Latest Auction

CBN Sells $876.26M at N1,495 per Dollar in Latest Auction

The Central Bank of Nigeria (CBN) announced that it sold $876.26 million to end users through 26 successful banks at a cut-off rate of N1,495 per Dollar. The transaction occurred as the bank initiated its most recent Retail Dutch Auction System.

The apex bank revealed this in a statement on Wednesday signed by Omolara Duke, its Director of the Financial Markets Department.

CBN mentioned that total bids amounted to US$1.18 billion, received from 32 authorised dealer banks.

The apex emphasised that although 26 banks successfully submitted bids for FX, six were disqualified for failing to meet the deadline and other requirements.

“The Bank approved a cut-off rate of N1495/US$ for the Retail Dutch Auction where bids valued at US$876.26 million from 26 banks qualified.
“While bids valued at US$313.69 million from 6 (six) banks were disqualified. Of the disqualified bids, 4 (four) banks submitted their bids after the cut-off time of 3:00 pm, while 2 (two) banks did not provide bids in the template submitted. All bids with Form Q. and unverifiable Form A and Form M on the Trade Portal were disqualified”, the statement partly reads.

Remember that CBN initiated the Retail Dutch Auction System on Wednesday in response to the increased demand for Dollars.
The Naira saw two consecutive improvements against the Dollar and ended at N1601 on Tuesday.

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