CBN Bars 6 Major Banks from Dutch Auction

Six major banks, including United Bank for Africa (UBA), Wema Bank, and Stanbic IBTC, were barred from participating in a recent retail Dutch Auction by the Central Bank of Nigeria (CBN). This auction, where $876.26 million was sold to 26 qualified banks, is part of the CBN's strategy to reduce foreign exchange demand pressure and enhance price discovery. Under Governor Yemi Cardoso, this intervention is a significant step to stabilize the naira amidst ongoing market volatility.