The Central Bank of Nigeria (CBN) has invalidated $313.69 million in foreign exchange bids from six banks.
The rejections occurred because four banks missed the submission deadline and two banks did not use the required template.
Additionally, any bids with Form Q or unverifiable Forms A and M on the Trade Portal were disqualified.
In total, the CBN received bids amounting to $1.18 billion from 32 authorized dealer banks.
Out of these, $876.26 million was sold to end users through a retail Dutch auction, with successful bids submitted by 26 banks.
The CBN stated that this move aimed to alleviate demand pressure in the foreign exchange market and enhance price discovery.
Successful bids were to be funded by the following day, with settlements scheduled for August 8, 2024.
To maintain transparency, the CBN announced that all submitted bids and qualified payments would be published on its website for public viewing.
