In the latest testament to the Central Bank of Nigeria’s (CBN) ongoing commitment to support the proper functioning of the foreign exchange market by enhancing liquidity when necessary, the apex bank offered $876 million to fulfil bids submitted by customers at an auction concluded on Wednesday, August 7, 2024.
In line with its pledge to provide transparent access to foreign exchange for all legitimate customers, the CBN’s leadership has introduced an additional mechanism through the Retail Dutch Auction System (RDAS) to directly facilitate FX sales to end users.
This approach aims to foster a more transparent market, reduce information asymmetry, and support price discovery.
It…
Source: Nigerian Tribune
