The Central Bank of Nigeria (CBN) has sold $876.26m to end users whose bids were submitted by some 26 banks.
The action aims to support the declining value of the naira, according to a circular issued by the apex bank on Wednesday.
The situation coincides with the naira being under pressure from summertime tourists and companies looking to import items into the import-dependent country, as well as from seasonal demand for the dollar.
The circular states that 32 authorised dealer banks submitted bids totalling US$1.18 billion.
Six banks’ bids totalling US$313.69 million were deemed ineligible, while bids totalling US$876.26 million from 26 institutions qualified.
Two banks failed to submit proposals in the proper template, while four banks submitted bids after the 3:00 PM deadline, which resulted in their disqualification. Furthermore, all bids on the Trade Portal that included Form Q and the unverifiable Forms A and M were eliminated.
A cut-off rate of N1495/US$ for the Retail Dutch Auction was authorised by the CBN.
