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

The Central Bank of Nigeria, CBN said it sold a total of $876.26 million to end users from 26 successful banks at a cut-off rate of a cut-off rate of N1495 per dollar.

This is as the bank commenced its latest Retail Dutch Auction System.

The apex bank disclosed this in a statement on Wednesday signed by Omolara Duke, its

Director, Financial Markets Department.

CBN noted that total bids came to US$1.18 billion which was received from 32 authorized dealer banks.

The apex stressed that while 26 banks successfully submitted bids for FX, six banks were disqualified for not meeting with 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.

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

On Wednesday, the Naira recorded two consecutive appreciations against the Dollar closed at N1601.