The Central Bank of Nigeria (CBN) recently conducted a significant retail Dutch Auction, selling $876.26 million to 26 qualified banks in an effort to alleviate demand pressure in the foreign exchange (FX) market and promote price discovery.
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However, the auction saw the exclusion of six prominent banks, including United Bank for Africa (UBA), Wema Bank, and Stanbic IBTC, due to various reasons.
This auction marks one of the most significant FX interventions by the CBN under the leadership of Governor Yemi Cardoso, who has been actively working to stabilize the naira and address the ongoing volatility in the FX market. The apex bank received a total of $1.18 billion in bids from 32 banks, but bids amounting to $279.04 million from six banks were disqualified.
UBA, First City Monument Bank (FCMB), Stanbic IBTC, and Wema Bank had their bids excluded due to late submission. FCMB submitted the largest bid among the excluded banks, amounting to $178.65 million. SunTrust Bank’s bid of $7.38 million was invalidated for failing to provide bid rates, while Rand Bank was excluded for failing to submit any information on its bids.
The successful bids from the auction, which took place on August 6, 2024, were settled on August 8, 2024, as part of the T+2 settlement process. The CBN’s retail Dutch auction aimed to distribute FX to end-users, including those with trade-backed demands, as part of its strategy to stabilize the naira.
This exclusion of major banks highlights the strict regulatory requirements imposed by the CBN to maintain transparency and efficiency in the FX market. It also emphasizes the importance of adherence to submission deadlines and the accurate completion of bid templates for future auctions.
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