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First Bank of Nigeria Limited led the list of commercial banks receiving foreign exchange from the Central Bank of Nigeria (CBN) in the latest published returns. The bank led others with a total returns of $25,701,921.17.
Commercial banks have been publishing weekly returns of dollar receipts from the CBN and its utilization.
In the second place is Zenith Bank Plc with $23,811,329.77, while Stanbic IBTC Limited followed with $20,618,105.09.
Here is the list
- First Bank – $25.7 m
- Zenith Bank – $23.8m
- Stanbic IBTC – $20.6 m
- Standard Chartered Bank – $17.7m
- Diamond Bank Plc – $17.69 m
- GTB – $15.8m
- Ecobank Nigeria Limited – $14.68m.
- Union Bank of Nigeria Plc – $12.5
- Access Bank Plc – $11.9
- Citibank Nigeria Limited — $9,2m
- Fidelity Bank Plc — $7.4m
- United Bank for Africa Plc (UBA) Plc — $6.7m
- Sterling Bank Plc – $4.79
- Keystone Bank Limited – $3.73
The breakdown further indicates that end users of the forex use it for purchase of fuel, machinery and pharmaceuticals etc, school fees and foreign investors seeking to exit the Nigerian market. Dollar scarcity triggered a massive depreciation of the Naira in the last week with the exchange rate going from N300 to N400 in over a week in the black market. The CBN has insisted that the parallel market is not the ideal benchmark for the price of the dollar insisting on the official rate which it last devalued in February 2015.
The problem now in Nigerian economy lies more or less with the CENTRAL BANK OF NIGERIA.i hope that the editor of the this website will rate the effectiveness and the efficiency of the governor of central bank since 1970.now we are reading that Nigerian govt will borrow 2 to 10 billion u.s dollar from the i.m.f.what for ?. I thought the trading of African slaves ended 200 yrs 60 yrs after colonization.africa have NOT REGAINED INDEPENDENCE.
NOW WHAT WE ARE EXPERIENCING IS MENTAL NEO-COLONIZATION OR CALLED IT NEO-MENTAL SLAVERY. imposed on us by our colony masters and we still carries this systematic colonial mental capacity.we had a forex reserves close to 70 billion dollar,after paying the paris club of debtor,which came about due to the raising of the oil prices.i do not know the present stage of Nigerian educational system.i assume it’s better or worse depending on who sees it,i attended a 5 yrs high school education,now we have a 6 yrs high school education.30 yrs ago I used the books of Nigerian economist Mr. Ayo Teriba and Professor Nwankwo of lagos university and others.we are taught economic production and activities can be cyclical,and in production,diminishing returns can set in.so companies or nations should be prepared for diminishing returns.
So any Nigerian central bank governor saw that oil prices can fall IN FORESEEABLE FUTURE,the average Nigerian forex averages not above 2 billion dollar annually.now we are reading that Nigerian govt is borrowing money from I.M.F.god save Nigeria,WHAT AN INSULT AND HUMILATION ?.WHO DID NOT DO HIS JOB,WE WANT TO KNOW THAT,AND WHOSE IRRESPONSIBILITIES IS IT ?
The job of the ministry of finance collecting money and prepares the annual budget. i.e noe we are reading.we have minister of finance.minister of budget planning,director of planning all doing the same job,under obasanjo,we have chief economic adviser who doubles as director of national planning, and we have director of prices intelligence,we also have a board of tender all doing the same job,under president shagari,we have director of budget planning.this budget for 2016 should have been presented to national assembly by September or before.The NAS should have finishes all discussion in 2 months,and the president should have sign it before December,and this present president travels a lot abroad.nigerians voted for changes not foreigner,he should borrows leaves from obasanjo,before a presidential candidate,he travelled all over Nigeria formally and informally, and as president travelled informally allover the country,to guage the feeling of his people.somebody who cares for his people.He should send his deputy the vice president.
There is a new alternative and choice of the governor on increasing our forex reserves by 100 % or 1000 % by Nigerian for Nigeria,this method and system is contained in this website,or ask the editor,what is it ?