Every week, the Central Bank publishes a list banks and the forex that was sold to them. The list also contains names of who bought the forex and what it was used for. The CBN believes this list is meant to show a level of transparency in the sale of forex to commercial banks.
The report for last week shows Zenith Bank toppled First Bank as the bank that got the most forex last week. The Bank received $23,006,130.65 in forex sold by the CBN last week. Here is a breakdown of banks and the quantum of Forex received.
Zenith Bank – $23,006,130.65
First Bank – $19,592,883.79
Stanbic IBTC Limited – $18,233,471.82
Diamond Bank Plc – $15,014,943.
Standard Chartered Bank – $13,822,206
Access Bank Plc – $13,811,929.15
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Guaranty Trust Bank Plc – $13,628,377.70
Ecobank Nigeria Limited – $10,014,449.67.
Citibank – $8,727,660.51
Sterling Bank Plc – $8,516,484.73
Union Bank of Nigeria Plc — $8,031,320.09
United Bank for Africa (UBA) Plc – $7,808,531.06
Fidelity Bank – $6,639,431.81.
As one will expect, School Fees and Personal Travel Allowance dominate the utilization of forex followed by imports of essential goods.