Whole Sale Dutch Auction System

The bank as an authorized dealer in foreign exchange, participates in the Wholesale Dutch Auction System, whereby it purchases foreign exchange from the Central Bank of Nigeria to meet the need of its customers.

Features of WDAS:

•CBN WDAS bid takes place on Mondays and Wednesdays
•Due to Bulk Purchase of Funds from the CBN, funds are available through out the week to meet the needs of customers.

Benefits:

•Establishment/Confirmation of Letters of Credit
•Payment on Bills for collection
•Mortgage repayment
•Payment of school fees abroad
•Payment of medical fees
•Utility bills, etc.

FAQs:

Q: Can one’s transactions be processed outside the CBN bid days of Mondays and Wednesdays?

A: Yes, Customers transactions can be processed outside the bid days of Mondays and Wednesdays as the bank always has a buffer to service customers needs.