NIGERIAN CURRENCY FIRMS AT LATEST AUCTION

  The Nigerian naira firmed 2.6 pct against
  the dollar after 17 banks were disqualified from bidding at
  today's weekly foreign exchange auction, the central bank said.
  The naira finished at 3.8050 to the dollar, against 3.9050 last
  week.
      Only 38.39 mln dlrs of the 50 mln dlrs on offer was sold,
  with all 27 bidding banks successfully obtaining hard currency.
      The effective rate, including a central bank levy, for
  transactions in the coming week, was 3.8241 against 3.9246 last
  week.
      The failure to sell the whole allocation was due to the
  central bank's unprecedented disqualification of 17 banks as
  punishment for inadequate documentation in previous
  transactions.
      Banks are required to submit proof that their bids are
  based on valid commercial transactions and the central bank has
  complained in the past that many are failing to produce the
  right paperwork within the specified time.
  

