The Central Bank of Nigeria (CBN) has confirmed that it sold foreign exchange (FX) to banks worth $876.26 million at ₦1,495 per dollar.
According to a statement dated August 7, signed by Omolara Omotunde Duke, CBN’s director of the financial markets department, the apex bank said the auction aimed to reduce demand pressure in the FX market and promote price discovery.PauseUnmuteLoaded: 0.00%FullscreenThe CBN said the transaction was conducted through a retail Dutch auction system (rDAS).According to the apex bank, while bids valued at $876.26 million from 26 banks qualified, bids from six banks were disqualified.
The CBN said four banks missed the deadline and two did not provide bids in their submitted templates.Below is the full list of successful and unsuccessful bids.SUCCESSFUL BIDS1.
Access 79,092,862.792. Citi 12,001,875.893. Coronation 4,474,753.384. Ecobank 5,320,365.255. FBN 228,994,949.576. FBN Quest 5,089,359.927 Fidelity 43,616,742.688. FSDH 1,999,399.529. Globus 11,070,395.3010. Greenwich 17,21.4011. GTB 29,543,429.0612. Jaiz 16,708,748.3513. Keystone 4,635,89914. Lotus 4,024,818.3115. Nova 2,098,539.5116. Parallex 548,052.1717. Polaris 10,440,523.7518. Providus 11,453,580.9719. Signature 551,75320. Stanchart 28,429,525.7321. Sterling 14,397,359.4122. Taj 19,107,550.8823. Titan 790.7824. Union 13,268,519.6625. Unity 616,138.3326. Zenith 267,862,855.69Total 815,362,006.30DISQUALIFIED BANKS1 UBA 13,213,785.91 Late submission2 FCMB 178,652,316.84 Late submission3 Stanbic 57,857,408.12 Late submission4 Wema 21,940,547.84 Late submission5 Suntrust 7,379,787.50 No bid rates6 Rand 0 No bid receivedTotal 279,043,846.21
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