The Central Bank says it will sell $20 million to commercial banks through an auction to be held on Monday.

The auction comes two days after the bank devalued the Pound. It abandoned the official exchange rate of 2.96 against the US dollar, for the parallel market rate, which was at 18.5.

In a statement, the Central Bank says it will govern the auction through foreign exchange rules and regulations.

“The maximum amount each eligible bank can bid for shall not exceed 10% of the total amount offered for sale by the Bank of South Sudan,” partly read the statement.

It says that the minimum amount for each bank shall be 50,000 US dollars.

The maximum bid amount shall not exceed 10 percent of the total amount offered for sale by Bank of South Sudan.

The statement says that the application form is available at the auction supervisory committee at the Central Bank.