CBN offers US$50m for sale in Auction

The Central Bank of Nigeria (CBN) on Monday, as part of its intervention strategy in the foreign exchange market, offered a sum of US$50million (Fifty million United States Dollars) for sale at the Foreign Exchange Auction Market.

According to the Apex bank, authorized dealers are invited to submit their bid requests for WDAS through Reuters Dealing 3000 Xtra at its Abuja office.

In a circular signed by Mrs. S. A. Olih, on behalf of the Director Financial Markets Department, the intervention is in compliances with the bank’s circular, ref. FMD/FED/CIR/GEN/01/082/10 of December 2, 2010.

It reminded authorized dealers of the need to ensure that their current accounts with the CBN are adequately funded at the time of disbursement, failing which the bids will be disqualified. The bids are expected to be opened on Wednesday, January 15, 2013.