Why Six Banks Were Disqualified From The FX Auction – CBN

August 8th, 2024



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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.

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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.”

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.”



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