Dutch Auction: CBN Sells $815.36m To 26 Banks At N1495 Per Dollar

In its first Retail Dutch Auction System, the Central Bank of Nigeria sold $815.36 million to end users through 26 banks, at a rate of N1495 per dollar.

The apex bank disclosed this on Friday in the rDUS results signed by its Director of Financial Market Department, Omolara Duke.

The bank said it received a total of $1.191 trillion in its rDUS commencement on Tuesday.

While $815.36 million worth of bids scaled through, $375.7m valued bids were disqualified over late submission.

“After the collation, the Committee of Governors of the Central Bank of Nigeria approved a cut-off bid of N1495.00/US$ with the total successful bids of US$815,362.006.30 (Eight Hundred and Fifteen Million, Three Hundred and Sixty-Two Thousand and Six US dollars and Thirty Cents).

“The range of successful bids was NI495.00/US$ – N1650.00/US$ across 26 banks. Six (6) banks were disqualified, this included four (4) banks that submitted after the 6-hour submission period stipulated (9:00 am-3:00 pm). In addition, two (2) banks did not provide bids in the template supplied”, CBN stated.

This comes as Naira ended the week on a good note gaining N42.88 against the dollar.