Regulatory Alerts2024-08-09 | August 06,2024Results of the Retail FX Sales to End User through Authorised Dealer Banks via the Retail Dutch Auction System (RDAS) by the Central Bank of Nigeria held on August 06, 2024
The Nigerian Financial Market Department held an FX Retail Dutch auction on August 06, 2024 where a total amount of NGN1,191,071,651.59 was received in valid bids from banks. However, after the disqualification of four late submitting banks and excluding invalid and unsuccessful bids below N1,495.00/USD, there were a total of 279,043,846.21 NGN successful bids remaining. The following banks were disqualified for late submission: - United Bank for Africa (UBA) submitted an amount of NGN13,213,785.91 - First City Monument Bank (FCBM) submitted an amount of NGN178,652,316.84 - Stanbic IBTC Bank submitted an amount of NGN57,857,408.12 - Wema Bank submitted an amount of NGN21,940,547.84 Additionally, Suntrust Bank did not submit any valid bid rates and Rand Merchant Bank did not submit any bid at all.