There’s no punchline. Sorry.

CBN actually just closed the rDAS/wDAS window via a press release today. But what is rDAS/wDAS anyway?

Retail Dutch Auction System is the method by which CBN sells foreign exchange to those who need it. The rDAS system is the main system the CBN has been using for a while now so perhaps that’s what needs a definition.

If you need US Dollars as an end-user, you go to your bank and ask for it. You tell the bank what you want to use it for and the bank then takes that request to the CBN asking to buy on your behalf. The bank then collates all the requests from its various clients and takes it to CBN. From  the point of view of the CBN, this system allows it know who is demanding for foreign exchange and what they are using it for. In theory…