From 26 successful banks, the Central Bank of Nigeria, CBN, sold a total of $876.26 million to end users at a cut-off rate of N1495 per dollar as it commenced its latest Retail Dutch Auction System.
In a statement signed by Omolara Duke, the Director of the Financial Markets Department, the apex bank disclosed this information on Wednesday.
CBN received total bids of US$1.18 billion from 32 authorized dealer banks, with 26 banks successfully submitting bids for FX while six banks were disqualified for not meeting the deadline and other requirements.
The Bank approved a cut-off rate of N1495/US$ for the Retail Dutch Auction, with bids valued at US$876.26 million qualifying from 26 banks. Bids worth US$313.69 million from 6 banks were disqualified, with 4 banks submitting bids after the cut-off time of 3:00 pm and 2 banks failing to provide bids in the template submitted. All bids with Form Q. and unverifiable Form A and Form M on the Trade Portal were disqualified.
On Wednesday, CBN announced the commencement of the Retail Dutch Auction System amidst the Dollar demand spike. The Naira recorded two consecutive appreciations against the Dollar and closed at N1601 on Wednesday.