The Central Bank of Nigeria (CBN) has confirmed the sale of foreign exchange (FX) to 26 banks worth $876.26million at N1,495/$. While banks like the UBA, Stanbic, and Wema saw their bids rejected. The development was revealed in a statement signed by the Director of the Financial Markets Department, CBN, Omolara Omotunde Duke, dated August 7......Read The Full Article>>.....Read The Full Article>>
The auction, the apex bank disclosed, was a means to reduce demand pressure in the Forex market, as well as promote price discovery.
Neusroom had earlier reported that the CBN received bids from 32 banks in the sale carried out via the Retail Dutch Auction System (rDAS). Of the 32 bids from Banks, 6 banks were disqualified, while 26′ bids were accepted.
The CBN said that the reason for disqualifying the 6 banks was because, four of the banks missed the deadline, while two did not provide bids in their submitted templates.
FULL List of successful and Unsuccessful bids from the banks:
Banks That Qualified:
| S/N | BANK | SUCCESSFUL BIDS ($) |
|---|---|---|
| 1. | Access | 79,092,862.79 |
| 2. | Citi | 12,001,875.89 |
| 3. | Coronation | 4,474,753.38 |
| 4. | Ecobank | 5,320,365.25 |
| 5. | FBN | 228,994,949.57 |
| 6. | FBN Quest | 5,089,359.92 |
| 7 | Fidelity | 43,616,742.68 |
| 8. | FSDH | 1,999,399.52 |
| 9. | Globus | 11,070,395.30 |
| 10. | Greenwich | 17,21.40 |
| 11. | GTB | 29,543,429.06 |
| 12. | Jaiz | 16,708,748.35 |
| 13. | Keystone | 4,635,899 |
| 14. | Lotus | 4,024,818.31 |
| 15. | Nova | 2,098,539.51 |
| 16. | Parallex | 548,052.17 |
| 17. | Polaris | 10,440,523.75 |
| 18. | Providus | 11,453,580.97 |
| 19. | Signature | 551,753 |
| 20. | Stanchart | 28,429,525.73 |
| 21. | Sterling | 14,397,359.41 |
| 22. | Taj | 19,107,550.88 |
| 23. | Titan | 790.78 |
| 24. | Union | 13,268,519.66 |
| 25. | Unity | 616,138.33 |
| 26. | Zenith | 267,862,855.69 |
| Total | 815,362,006.30 |
Banks Disqualified:
| S/N | BANK | AMOUNT | REMARKS |
| 1 | UBA | 13,213,785.91 | Late submission |
| 2 | FCMB | 178,652,316.84 | Late submission |
| 3 | Stanbic | 57,857,408.12 | Late submission |
| 4 | Wema | 21,940,547.84 | Late submission |
| 5 | Suntrust | 7,379,787.50 | No bid rates |
| 6 | Rand | 0 | No bid received |
| Total | 279,043,846.21 |
