CBN injects $400 million dollars in Dutch Auction

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The Central Bank of Nigeria (CBN) on Monday intervened to the tune of 400 million dollars at the Wider Dutch Auction (WDA).

This was contained in the official statement of CBN made available to News Agency of Nigeria (NAN) in Lagos.

“Further to our circular Ref.FMD/FED/CIR/GEN/01/082/10 of Dec.29 2010, the CBN hereby intervenes with an offer of USD400.00 million (Four Hundred Million United Stated Dollars) for sale at foreign exchange auction will take place on Monday March 14, 2011.

“Authourised dealers are therefore invited to submit their bid request for WDAS through Reuters dealing 3000 XTRA to the CBN corporate head office at Central Business District Abuja between 9a.m and 10.30 a.m.

“They are also reminded that their current accounts with CBN must be adequately funded at time of disbursement failure which the bids will be disqualified,” it said.