CBN Sells $876.26m at N1,495 in Retail Auction.
The Central Bank of Nigeria (CBN) sold $876.26 million to end users via 26 banks in a retail auction on Wednesday, aiming to support the naira. Total bids reached $1.18 billion, but $313.69 million in bids were disqualified for missing the cutoff time or incorrect submissions. The approved rate was N1495/$. Settlement is set for August 8, 2024. This sale aims to meet growing foreign exchange demand and ease pressure on the naira from seasonal and business-related dollar demand.
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