Regulatory Alerts2009-07-28 | TED-FEM-FPC-GEN-01-122-2009The Revised Guidelines For The Operational of The Foreign Exchange Market: Wholesale Dutch Auction System
The Nigerian Central Bank has announced an update to the operation of the Foreign Exchange Market's Wholesale Dutch Auction System. Effective immediately, Authorised Dealers must now submit a single bid per auction, as the Central Bank reserves the right to reject any unrealistic bids. This revision is in accordance with paragraph 3(b) of TED/FEM/FPC/GEN/01/110 from July 8, 2009.
09 46237804 09 46237802 E-mail address:ted@cenbank.org TED/FEM/FPC/GEN/01/122 July 28, 2009 TO: All Authorised Dealers RE: REVISED GUIDELINES FOR THE OPERATION OF THE FOREIGN EXCHANGE MARKET: WHOLESALE DUTCH AUCTION SYSTEM This is to inform all Authorised Dealers that paragraph 3 (b) of the circular Ref: TED/FEM/FPC/GEN/01/110 of July 8, 2009 on the above subject has been amended as follows: "Authorised Dealers shall submit bids for only one (1) tranch per auction, while the Central Bank of Nigeria reserves the right to reject any bid that is deemed to be unrealistic" This amendment takes immediate effect. Batari Musa AG. DIRECTOR TRADE & EXCHANGE DEPARTMENT