CBN Sells Dollars To 25 Banks, Excludes Six From Allocation(FULL LIST)

CBN Sells Dollars To 25 Banks, Excludes Six From Allocation(FULL LIST)

The Central Bank of Nigeria (CBN) has announced the sale of $876.26 million in foreign exchange to banks at a rate of ₦1,495 per dollar. The transaction, which took place on August 7, was conducted via a retail Dutch auction system (rDAS) and aimed to alleviate demand pressure in the FX market and support price discovery…….. CONTINUE READING

According to a statement from Omolara Omotunde Duke, CBN’s Director of the Financial Markets Department, 26 banks had their bids approved. However, six banks were disqualified: four for missing the submission deadline and two for not providing bids in the required format.

**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

**Disqualified Bids:**
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)

The total value of disqualified bids amounted to $279,043,846.21.

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