The Central Bank of Nigeria has offered 876 million dollars to fulfill bids submitted by customers at an auction concluded on Wednesday.

In line with its pledge to provide transparent access to foreign exchange for all legitimate customers, the CBN’s leadership has introduced an additional mechanism through the Retail Dutch Auction System (RDAS) to directly facilitate FX sales to end Users.

According to the CBN, the approach aims to foster a more transparent market, reducing information asymmetry and supporting price discovery.

It also complements the two-way quote system deployed over the past few months to enhance liquidity in the interbank market, through which over 305 million dollars of foreign exchange has been sold to authorized dealers in the last three weeks.

The CBN however assured that it remains steadfast in its commitment to fostering a transparent, market-driven foreign exchange market, and it will continue to strengthen the market capacity to meet the needs of all legitimate participants.