The Central Bank of Nigeria (CBN) received a total bid valued at $1.18 billion from 32 authorised banks in its revived retail Dutch Auction System (rDAS) but accepted a total bid valued at $876.26 million from 26 banks.
The Central Bank of Nigeria received a total bid valued at $1.18 billion from 32 authorised banks in its revived retail Dutch Auction System but accepted a total bid valued at $876.26 million from 26 banks.The Central Bank of Nigeria received a total bid valued at $1.18 billion from 32 authorised banks in its revived retail Dutch Auction System but accepted a total bid valued at $876.26 million from 26 banks.
She added: “In line with the objective of the CBN to boost FX liquidity to the market as well as promote price discovery, the Bank approved a cut-off rate of N1495/$ for the rDAS where bids valued at $876.26 million from 26 banks were qualified. Authorised dealer banks were required to submit a comprehensive template that contains the details of Forms A and M of all the outstanding trade-backed unmet FX demand of their customers.
The Central Bank of Nigeria received a total bid valued at $1.18 billion from 32 authorised banks in its revived retail Dutch Auction System but accepted a total bid valued at $876.26 million from 26 banks. As protesters demand the reversal of fuel subsidy removal, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has explained it may not be possible, noting that even with the subsidy removal, the country is spending as much as $600 million on fuel importation monthly.
A professional tax and advisory firm, PwC, says Nigeria’s economic outlook remains uncertain despite efforts made by the Central Bank of Nigeria to ensure stability in the foreign exchange market and attract investors. It noted that the rising inflationary pressure and volatile FX market are increasing the uncertainty level and dampening investors’ confidence.…
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