The Central Bank of Nigeria (CBN) has announced the sale of foreign exchange (FX) worth $876.26 million to banks at a rate of N1,495 per dollar. According to a statement by Omolara Omotunde Duke, Director of Financial Markets Department, the auction aimed to reduce demand pressure in the FX market and promote price discovery.
The transaction was conducted through a retail Dutch auction system (rDAS), with 26 banks submitting bids valued at $876.26 million. However, bids from six banks were disqualified due to late submission or failure to provide bid rates.
The successful bids totaled $815,362,006.30, with Zenith Bank receiving the largest allocation of $267,862,855.69. On the other hand, disqualified banks included UBA, FCMB, Stanbic, Wema, Suntrust, and Rand, with total bids of $279,043,846.21.
