The auction process was conducted on August 6, 2024, to enhance foreign exchange liquidity in the market, alleviate demand pressure, and support price discovery in alignment with the apex bank’s objectives.

The CBN said this in a statement posted on its website on Wednesday and signed by the Director of the Financial Markets Department, Omolara Omofunde Duke.

The naira has traded within the range of N1,450 and N1,600 in recent months. However, the bank approved a cut-off rate of N1495/$ for the Retail Dutch Auction.

The statement read in part, “The Central Bank of Nigeria undertook the sale of foreign exchange to end users through a Retail Dutch Auction System to reduce the demand pressure in the FX market and promote price discovery on Tuesday, August 06, 2024.

“A total bid valued at $1.18bn was received from 32 Authorized Dealers Banks, of which, bids valued at $876.26m from 26 banks qualified, while bids valued at $313.69m from six banks were disqualified.

• Read More