ADVERTISEMENT
TechEconomy
Monday, June 2, 2025
No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Podcast

Home » FX: Why CBN Disqualified Six Banks in its Latest Auction

FX: Why CBN Disqualified Six Banks in its Latest Auction

Adetunji Tobi by Adetunji Tobi
August 12, 2024
in Finance
0
Central Bank Of Nigeria
Mr. Olayemi Cardoso, Governor, Central Bank of Nigeria.

Mr. Olayemi Cardoso, Governor, Central Bank of Nigeria.

RelatedPosts

Agentforce for financial services by Salesforce

Salesforce Introduces Agentforce for Financial Services to Address Shrinking Workforces

June 2, 2025

FirstBank Disburses N1billion in One Day via Agent Credit Scheme

June 2, 2025

The Central Bank of Nigeria (CBN) has disqualified some prominent Nigerian banks in its latest Retail Dutch Auction System (rDAS) on 6 August.

Details of the transaction are disclosed in a statement by Omolara Duke, the director of the Financial Markets Department at the CBN.

The disqualified bids, which included $279 million from six banks, were rejected due to various compliance concerns, including late submissions and invalid forms.

The auction, which saw the CBN offer foreign exchange (FX) to end users through authorised dealer banks, initially attracted bids valued at $1.19 billion.

However, after evaluations, only $815.36 million worth of bids were deemed successful, meeting the central bank’s compliance requirements.

“The call for bids was in naira/US dollar (N/US$) Currency pair for unmet Fx demand backed by verifiable Forms A and M only.

“All bids were password protected and submitted through the dedicated email address provided by CBN between 09:00 a.m. and 3:00 p.m. Bids received after 3:000m were disqualified. Passwords for the bids were sent after the auction closed. The total bids received were valued at US$1,191,071,651.59.

“After the collation, the Committee of Governors of the Central Bank of Nigeria approved a cut-off bid of N1495.00/US$ with the total successful bids of US$815,362.006.30 (Eight Hundred and Fifteen Million, Three Hundred and Sixty-Two Thousand and Six US dollars and Thirty Cents),” the statement read.

According to the CBN, most disqualified bids stemmed from late submissions.

Four banks, including major financial institutions such as United Bank for Africa (UBA), First City Monument Bank (FCMB), Stanbic Bank and Wema Bank, were penalised for missing the 3:00 P.M. submission deadline.

Additionally, two banks (Suntrust and Rand) were disqualified for failing to submit bids in the required format.

The CBN emphasised the importance of adhering to submission guidelines, reiterating that all bids must be submitted between 9:00 AM and 3:00 PM on auction days. The central bank also highlighted that bids must comply with the approved template to be valid.

The auction is part of the CBN’s ongoing efforts to manage liquidity in the FX market, promote exchange rate stability, and improve price discovery in the wake of increased demand.

The CBN said it would settle the successful bids, ranging between N1495/US$ and N1650/US$, on 8 August.

The CBN has warned that any accounts not funded by this date will not qualify for the FX allocation.

Meanwhile, Zenith Bank emerged as the top recipient of the 26 approved bids by authorized banks, valued at $876.26 million, securing over $267 million. Its bidding was at the lowest and highest ends of the accepted range (N1,500/US$ to N1,650/US$).

Following closely, Union Bank managed to secure $82 million, making it the second-highest recipient.

GTB (Guaranty Trust Bank) also featured prominently among the successful bidders, with over $29 million allocated to the lender.

Loading

Advertisements
MTN ADS

Author

  • Adetunji Tobi
    Adetunji Tobi

    Tobi Adetunji is a Business Reporter with Techeconomy. Contact: adetunji.tobi@techeconomy.ng

    View all posts
0Shares
Previous Post

Verve Unveils Goodlife Promo 5.0, Offering Instant Rewards for Cardholders

Next Post

Ecobank Group to Unveil Top Finalists for the 2024 Fintech Challenge

Adetunji Tobi

Adetunji Tobi

Tobi Adetunji is a Business Reporter with Techeconomy. Contact: adetunji.tobi@techeconomy.ng

Related Posts

Agentforce for financial services by Salesforce
Finance

Salesforce Introduces Agentforce for Financial Services to Address Shrinking Workforces

by Latifat Fashina
June 2, 2025
0

In an industry built on trust, delivering personal and meaningful experiences is everything. But the day-to-day financial services journey often...

Read more
Segun Alebiosu, CEO, FirstBank China-Africa Interbank Association | FirstBank Agent Credit

FirstBank Disburses N1billion in One Day via Agent Credit Scheme

June 2, 2025
America Debt - IMF

Can AI Save America from its Debt Spiral

May 31, 2025
Nigeria economy by FBNQuest, Naira currency, Nigeria's currency, strongest currencies

Naira Holds Steady at N1,586/$1 in Official Market

May 31, 2025
Naira vs Dollar | Asset management

Naira Appreciates in the Official Market, Closes at N1,586/$1

May 30, 2025
Arik Air in 2024

Alleged N76bn Fraud: EFCC Witness & Ex-Union Bank ED Reveals He Wrote-Off Arik’s $2.3m Debt

May 29, 2025
Next Post
Ecobank Fintech Challenge by Djiba Diallo

Ecobank Group to Unveil Top Finalists for the 2024 Fintech Challenge

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Techeconomy Podcast

Techeconomy Podcast
Techeconomy Podcast

Infowave is brought to you by TechEconomy. Every week we will bring new stories from startups and influencers who are shaping and changing the world we live in. We’ll also bring you reports on topics you should know.

Follow us @techeconomyng for more.

TECH TALK EPISODE 2
byTecheconomy

PRODUCTIVITY AND WORK-Life Balance

TECH TALK EPISODE 2
TECH TALK EPISODE 2
May 22, 2025
Techeconomy
CYBERSECURITY ESSENTIALS
April 24, 2025
Techeconomy
Digital Marketing Trends and strategies for 2025 and beyond
February 27, 2025
Techeconomy
Major Lesson for Techies in 2024 and Projections for 2025
December 6, 2024
Techeconomy
Major Lessons for Techies in an AI-Driven World | Techeconomy Business Series Highlights
November 26, 2024
Techeconomy
Maximizing Profitability Through Seasonal Sales: Strategies For Success
November 8, 2024
Techeconomy
Techeconomy Business Series
October 15, 2024
Techeconomy
PRIVACY IN THE ERA OF AI: GETTING YOUR BUSINESS READY
May 30, 2024
Techeconomy
Unravel the Secrets of Marketing Everywhere All At Once with Isaac Akanni from Infobip | Infowave Podcast Episode 1
February 9, 2024
Techeconomy
The Role of Ed-tech in Life Long Learning and Continuous Education
October 19, 2023
Techeconomy
Search Results placeholder

WHAT IS TRENDING

https://www.youtube.com/watch?v=g_MCUwS2woc&list=PL6bbK-xx1KbIgX-IzYdqISXq1pUsuA4dz

Follow Us

  • About Us
  • Contact Us
  • Careers
  • Privacy Policy

© 2025 Techeconomy - Designed by Opimedia.

No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS

© 2025 Techeconomy - Designed by Opimedia.

Translate »
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.