The Central Bank of Nigeria on Thursday settled retail Fx sales worth about $815.36 million in the Retail Dutch Auction System with 26 banks being the beneficiaries.
Six banks which submitted their bids late were disqualified and denied sales of about $279.04 million.
The banks who submitted their bids after the 3pm deadline are UBA Plc, about $13.21 million; FCMB, $178.65 million; Stanbic IBTC, $57.86 million; Wema Bank Plc, $21.94 million; SUNTRUST, $7.38 million; RAND, no bid.
Total number of bids received from 32 banks that bid are $1.19 billion out of which $375.71 million was disqualified and only $815.37 million successful.
Among the successful bidders are Zenith Bank, $267.86 million; FBN Holdings, $228.99 million; Access Bank, $79.09 million, Fidelity Bank, $43.62 million and GTB, $29.54 million.
The retail Dutch Auction System involves the sale of Fx through an auction system to end users.
It starts with a call for the submission of bids for an Auction. All bids are collated and arranged from the highest bid to the lowest bid.
According to the Director, Financial Markets Department of the CBN, Omolara Omotunde Duke, the Committee of Governors of the CBN approved a cut-off bid of N1,495/US$ with the total successful bids of $815,362.006.30.
The range of successful bids was N1495/$, N1650/$ across 26 banks.
