Six banks disqualified as CBN sells dollars at N1,495/$1 cut off exchange rate
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The Central Bank of Nigeria (CBN) conducted its first retail Dutch auction, selling over $800 million at an exchange rate of N1,450 per dollar. The sale is part of the CBN's move to help the naira recover against the US dollar in the foreign exchange market. New data from the CBN showed that 26 banks benefited from the auction, while six banks were disqualified. The six disqualified banks are United Bank for Africa, First City Monument Bank, Stanbic, Wema, SunTrust, and Rand. The ten banks that received the highest amounts are Zenith Bank, First Bank of Nigeria (FBN), Access Bank, Fidelity Bank, GTBank (GTB), Standard Chartered (Stanchart), TAJ Bank, Jaiz Bank, Sterling Bank, and Union Bank.

#Cbn #Nigeria #ForeignExchange #Banks #Auction

https://www.legit.ng/business-economy/money/1607291-full-list-nigerian-banks-missed-cbn-sells-dollar-n1450-exchange-rate/