Regulatory Alerts2009-03-16 | TED-FEM-FPC-GEN-01-037-09Conduct of Retail Dutch Auction System (RDAS) Session
The Central Bank of Nigeria (CBN) has announced that the daily Retail Dutch Auction System (RDAS) sessions will begin on March 18, 2009. Authorized dealers are required to submit their bids between 9:00 and 10:00 a.m. daily for this purpose. All other guidelines related to RDAS from the previous circular dated January 15, 2009 remain unchanged. This change is being implemented to meet growing legitimate foreign exchange demand in the market.
Tel: 09 462 37 804 May 23, 2007 Fax: 09 462 37 802 Central Bank of Nigeria Central Business District P.M.B. 0187 Garki, Abuja E-mail address:ted@cenbank.org Our Ref: TED/FEM/FPC/GEN/01/036/09 March 16, 2009 To: All Authorised Dealers and General Public CONDUCT OF RETAIL DUTCH AUCTION SYSTEM (RDAS) SESSION In the continued effort to meet legitimate foreign exchange demand in the market, Authorised Dealers are hereby notified that henceforth, the conduct of RDAS session will be daily with effect from Wednesday, March 18, 2009. Consequently, all Authorised Dealers are requested to submit their bids daily between 9.00 and 10.00 a.m. to the Director, Trade & Exchange Department, CBN, Abuja. For the avoidance of doubt, all other provisions of the circular Ref. No.TED/FEM/FPC/GEN/01/003/09 of January 15, 2009 on the guidelines for RDAS still subsist. Batari Musa Ag. Director Trade & Exchange Department