First Bank Leads In Forex Allocation As Central Bank Sells $143million to Banks

First Bank

The Central Bank of Nigeria, CBN, sold $142,646,892.01 to 15 commercial banks and three merchant banks last week.

The amount was higher by $11,891,598, compared with the $130,755,294.59 the central bank sold to 14 commercial banks, four merchant banks and the Bank of Industry, BoI, the previous week.

Returns on forex utilization published by the various financial institutions last week showed that First Bank Nigeria Limited with $14,899,306.08 received the highest forex allocation during the week.

First Bank sold the greenback to 681 customers; individuals and corporates. Its customers purchased the dollars for the importation of industrial raw materials, payment of school fees for students studying abroad, as well for personal traveling allowance.

In all, Dangote Sugar Refinery Plc which purchased $3 million from the bank to import industrial raw materials (raw sugar cane), was its biggest customer.

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