Full List: Zenith 1st, First Bank 2nd, as Details of Transaction at CBN Retails Dutch Auction Emerge [Video]

• The Central Bank of Nigeria (CBN) conducted a Retail Dutch Auction System (RDAS) on August 6, 2024
• This is an effort to improve the foreign currency market’s supply and promote price discovery
• Banks that obtained the most foreign exchange are Zenith Bank, First Bank, Access Bank and others

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

On August 6, 2024, the Central Bank of Nigeria (CBN) held a Retail Dutch Auction System (RDAS) in an attempt to enhance supply and encourage price discovery in the foreign exchange market.

Thirty-two authorised dealer banks submitted a total of $1.18 billion in bids for this auction.

Approximately 26 banks filed bids totaling $876.26 million at a rate of N1,495 per dollar to end users; bids totaling $313.69 million …