Business
List of banks excluded from CBN’s retail Dutch Auction
The Central Bank of Nigeria (CBN) has announced the successful conclusion of a Retail Dutch Auction System, where it sold a total of $876.26m to 26 qualified banks that participated in the auction.
The CBN had on Tuesday, August 6, 2024, held a Retail Dutch Auction System, during which $876.26m was sold to participating banks with the primary objectives of increasing FX liquidity, easing demand pressure, and promoting price discovery in the market, all of which are in line with the apex bank’s core goals
The CBN made the disclosure in a statement posted on its website signed by Omolara Omofunde Duke, the director, financial markets department.
Commenting on the auction process, the director disclosed that a total of $1.18bn in bids were submitted by 32 authorized dealer banks. Of the total bids, $313.69m from six banks were deemed to be ineligible, leaving a net total of $876.26m to be allotted among the 26 remaining banks who met the qualifying criteria
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The CBN stated, “A total bid valued at US$1.18bn was received from 32 Authorized Dealers Banks, of which, bids valued at US$876.26m from 26 banks qualified, while bids valued at US$313.69m from six banks were disqualified.”
In response to the mounting unmet demand for foreign exchange among end users, the apex bank announced last week its decision to implement a Retail Dutch Auction System. This move is seen as a timely intervention that aims to alleviate the increasing pressure on the FX market, ultimately stabilising the naira’s exchange rate.
In the past months, the naira has traded within the N1,450 and N1,600 range. However, despite the currency’s recent volatility, the Central Bank of Nigeria set a cut-off rate of N1495/$ for the Retail Dutch Auction, providing a brief respite from the currency’s fluctuating exchange rate and creating a much-needed stability in the market.
Governor of Kaduna State, Senator Uba Sani, has appointed Ben Solomon Dalhatu Kure as the Managing Director of Kaduna State Media Corporation (KSMC).
Ibraheem Musa, Chief Press Secretary to the Governor, disclosed this in a statement at the weekend.
Kure replaced Ahmed Maiyaki, who has just been appointed the Commissioner for Information.
He is expected to build on Mr. Ahmed Maiyaki’s leadership, which has repositioned the media corporation.
Before this appointment, Kure served as the Chairman of Jaba Local Government from 2016 to 2017, Executive Secretary of the Kaduna State Emergency Management Agency from 2018 to 2019, and Special Adviser (Political Matters) to the Kaduna State Governor from 2019 to 2021.
Dangote Refinery has announced the delivery of its first shipment of compressed natural gas trucks to facilitate its nationwide premium motor spirit and automotive gas oil supply from August 15, 2025.
The 650,000-barrel-per-day refinery disclosed this in a statement by its spokesperson, Anthony Chijiena, on Sunday.
According to him, the refinery, the N720 billion worth investment scheme, is aimed at transforming Nigeria’s fuel distribution landscape by reducing logistics costs and enhancing supply efficiency for customers.
“The fleet of fuel tankers, being imported through Apapa Port, represents a significant capital investment estimated at N720 billion.
“The first consignment of trucks recently departed Apapa Port and was formally received at the refinery site in Ibeju-Lekki by the Vice-President of Oil and Gas at Dangote Industries Ltd., Devakumar Edwin,” the statement reads.
Recall that Dangote Refinery had announced that the fuel distribution scheme would cause a major shakeup in the country’s oil and gas downstream sector.
However, petroleum product retail outlet owners and the Natural Gas Suppliers Association of Nigeria have, in different forums, kicked against the scheme, saying it would result in massive job losses.
The naira bounced back to appreciate against the dollar at the official foreign exchange market on Thursday as Nigeria’s external reserves continued to rise.
The Central Bank of Nigeria’s data showed that the Naira gained slightly at N1,533.73 against the dollar on Thursday from N1,534.44 traded on Wednesday.
This means that Nigeria’s currency marginally strengthened by N0.70 against the dollar on a day-to-day basis.
Meanwhile at the black market, the Naira remained flat at N1,565 on Thursday, the same exchange rate recorded the previous day.
The development follows the continued rise in the country’s external reserves, which stood at $39.99 billion as of 6th August 2025, up from $39.81 billion on the 4th of this month, CBN data showed.
Ekwutosblog reports that in the past four days, the Naira has recorded mixed sentiments of depreciation and appreciation against other currencies.
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