Regulatory Alerts2014-01-31 | TED/FEM/FPC/GEN/01/005Re: Guidelines For The Operation Of The Foreign Exchange Market - Retail Dutch Auction System (RDAS)
The Central Bank of Nigeria's Trade and Exchange Department has released new guidelines for Authorised Dealers participating in the Retail Dutch Auction System (RDAS). These guidelines include fully funding their current account with the bank two working days before Monday and Wednesday auction days, ensuring accounts are fully funded until the conclusion of the session on market days, and any account not fully funded will lead to disqualified or cancelled bids. The new rules are effective from the February 5th RDAS operation.
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