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Home Business News

Here is how Nigerian Banks shared $178.6 million sold by the CBN last week

Nairametrics by Nairametrics
March 8, 2016
in Business News, Currencies, Spotlight
Dollar Crunch: Nigerian Banks are now finding it hard to repay LC’s

Nigerian Banks

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Data from Thisday reveals a total of $178.6 million was sold by the Central Bank to Nigerian banks last week. GTB topped the list displacing Zenith Bank as the bank that bought the most forex.

According to the data, school fees and business and personal travel allowances topped the utilization list in terms of volumes. Other major utilization were repatriation of capital, divestment by foreign portfolio investors from the equities and bond markets which all topped purchases in terms of value.

The report also claims Dangote Group purchased about $15 million out of the $31.3 million sold to GTB. According to the report, it was used for debt servicing (interest payments)

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However, other forex returns released by the banks showed that

  • Guaranty Trust Bank Plc (GTB) – $31,305,912.75
  • Zenith Bank Plc – $24,171,094.94
  • Stanbic IBTC Limited – $18,867,993.86
  • First Bank of Nigeria Limited – $17,308,943.83
  • Diamond Bank Plc – $15,500,472.08
  • Access Bank Plc – $14,263,557.32
  • Ecobank Nigeria – $13,732,604.35
  • Union Bank of Nigeria – $11,064,740.69.
  • First City Monument Bank (FCMB)  – $9,924,875.73,
  • Fidelity Bank – $6,755,109.31.
  • Wema Bank Plc  – $5,537,567.53
  • Citibank – $5,480,542.26
  • Sterling Bank – $5,397,672.19.

Get the report here

Tags: Access Bank Plc NewsAll Share IndexFinancial ServicesNigerian stock marketNigerian Stocks
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Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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