The Central Bank of Nigeria (CBN) has confirmed the allocation of $876.26 million in foreign exchange to 26 commercial banks at an exchange rate of ₦1,495 per dollar.
The transaction, conducted on August 7, was aimed at alleviating the rising demand pressure in the foreign exchange (FX) market and supporting accurate price discovery.
This was announced in a statement signed by Omolara Omotunde Duke, the CBN’s Director of Financial Markets Department.
The CBN utilized a retail Dutch auction system (rDAS) for this transaction, where the highest bids were selected.
According to the statement, 26 banks successfully qualified for the FX sale, while six banks were disqualified for not meeting the auction requirements.
Of the six disqualified banks, four failed to meet the submission deadline, and two others either did not submit bids or failed to provide the necessary details in their templates.
The list of successful banks includes major financial institutions such as Access Bank, First Bank of Nigeria (FBN), Fidelity Bank, and Zenith Bank, among others.
Below is the full list of successful and unsuccessful bids.
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
DISQUALIFIED BANKS
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
