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Why Six Banks Were Disqualified From The FX Auction – CBN

Posted by Gistsnaija. on 8 August, 2024 | under News
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“The Central Bank of Nigeria (CBN) has announced that six banks were disqualified from participating in its recent retail Dutch Auction System due to non-compliance with requirements.

According to Omolara Duke, Director of the Financial Markets Department, the disqualified banks failed to meet the stipulated criteria, resulting in their exclusion from the auction. The CBN sold $876.26 million to 26 eligible banks at an exchange rate of N1,495 per dollar. The disqualified bids, valued at $313.69 million, were attributed to four banks that missed the submission deadline and two banks that failed to adhere to the prescribed bidding template.”

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The statement reads:

“While bids valued at US$313.69 million from 6 (six) banks were disqualified. Of the disqualified bids, 4 (four) banks submitted their bids after the cut-off time of 3:00 pm, while 2 (two) banks did not provide bids in the template submitted. All bids with Form Q. and unverifiable Form A and Form M on the Trade Portal were disqualified.”