CBN Sells Dollar To 26 Banks, Disqualifies Six

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. Signed by Omolara Omotunde Duke, on the 7th of August. The CBN’s Director of the financial markets department. Had said that, the auction is to reduce the demands of the demand pressure on the FX market. And promote price discovery.

The CBN said, the transaction. Was conducted through a retail Dutch auction system, (rDAS).

According to the Apex bank. Although, the bid values at $876.26million from 26 banks qualified, bids from six banks were disqualified.

The CBN said, four banks missed the deadlines and two did not provide bids in their submitted templates.

Here’s a full list of successful and unsuccessful bids.

SUCCESSFUL BIDS

Access Bank 79,092,862.79

Citi Bank 12,001,875.89

Coronation Bank 4,474,753.38

Ecobank 5,320,365.25

FBN 228,944,949.57

FBN Quest 5,089,359.92

Fidelity Bank 43,616,742.68

FSDH 1,999,399.52

Globus Bank 11,070,395.30

Greenwich Bank 17,21.40

GTB 29,543,429.06

Jaiz Bank 16,707,478.35

Keystone Bank 4,635,899

Lotus Bank 4,024,818.31

Nova Bank 2,098,539.51

Parallex Bank 548,052.17

Polaris Bank 10,440,523.75

Providus Bank 11,453,580.97

Signature Bank 551,753

Stanchart Bank 28,429,525.73

Sterling Bank 14,397,359.41

Taj 19,107,550.88

Titan 790.78

Union 13,268,519.66

Unity 616,138.33

Zenith 267,862,855.69

Total 815,362,006.30

DISQUALIFIED BANKS

UBA 13,213,785.91 Late Submission

FCMB 178,652,316.84 Late Submission

Stanbic 57,857,408.12 Late Submission

Wema 21,940,547.84 Late Submission

Suntrust 7,379,787.50 No bid rates

Rand Bank No bid rates

Total 279,043,846.21