Nigeria’s Apex Bank, The Central Bank of Nigeria (CBN) said it sold a total of $876.26 million to end users from 26 successful banks at a cut-off rate of ₦1495 per dollar.
This marks the commencement of its latest Retail Dutch Auction System.
This was disclosed this in a statement on Wednesday signed by Omolara Duke, its Director, Financial Markets Department.
“The Bank approved a cut-off rate of ₦1495/US$ 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.
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