CBN sells dollars to 26 banks, disqualifies UBA, Wema, Stanbic, others (FULL LIST)

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.

The auction, the apex bank disclosed, was a means to reduce demand pressure in the Forex market, as well as promote price discovery.

CBN Sells $876m to Banks at ₦1,495/Dollar as Parallel Market Trades at ₦1,574

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