CBN gives reason six banks were disqualified from FX auction

The Central Bank of Nigeria says six retired of 32 banks that bid for overseas currency astatine its precocious launched retail Dutch Auction System were disqualified due to the fact that they failed to conscionable requirements.

CBN disclosed this successful a connection by its Director, Financial Markets Department, Omolara Duke.

DAILY POST reports that CBN sold $876.26 cardinal astatine an N1,495 per dollar complaint to 26 banks connected Wednesday.

However, CBN noted that bids from 6 banks valued astatine $313.69 cardinal were disqualified.

Four of the disqualified banks did not taxable their bid petition astatine the stipulated time.

The apex slope said that 2 (two) banks that were disqualified astatine the auction did not supply bids successful the template submitted.

“…While bids valued astatine US$313.69 cardinal from 6 (six) banks were disqualified. Of the disqualified bids, 4 (four) banks submitted their bids aft the cut-off clip of 3:00 pm, portion 2 (two) banks did not supply bids successful the template submitted. All bids with Form Q. and unverifiable Form A and Form M connected the Trade Portal were disqualified”, the connection partially reads.

Recall that the CBN connected Tuesday introduced the retail Dutch Auction System to tackle the dollar request spike.

This is arsenic the Naira recorded 3 straight appreciations against the dollar astatine the authoritative overseas speech market.

CBN gives crushed six banks were disqualified from FX auction