- The Central Bank of Nigeria has announced the successful auction of over $800 million to banks
- The move by the CBN is aimed at boosting forex liquidity and help ease demand pressure on the naira
- Banks were asked to submit requests from customers; 26 banks were successful, while six were disqualified and another four late
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Central Bank of Nigeria (CBN) has sold a total of $876.26 million to end users whose forex bids were submitted by some 26 banks via the Retail Dutch Auction System on Wednesday, August 8, 2024.
This was disclosed by CBN in a statement posted on its website signed by Omolara Omofunde Duke, the Director of the Financial Markets Department.
CBN unveiled plans to implement the Retail …