Dutch auction won't depreciate Naira, says CBN

NIGERIA - The Central Bank of Nigeria (CBN) has said that contrary to speculation, the newly introduced Dutch Auction System (DAS) in the nation's foreign exchange market would not lead to the depreciation of the naira.

But demand for the United States dollar hit its peak yesterday as banks' customers asked for $184.1 million.

In an interview with an African news group, This Day, on Thursday, in Abuja, CBN Deputy Governor, Monetary Policy, Dr. Ernest Ebi explained that the system was introduced in

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