Nairametrics| The Central Bank of Nigeria on the 1st of March published the list of forex sold by commercial banks in Nigeria for the month of January 2017. According to the data posted on the website of the Apex bank, a total of $1.75 billion was sold to commercial banks for the month.
Data also shows that out of the $1.75 billion sold in January about $810.9 million was sold to buyers who applied through personal travel allowance. This makes up about 46% of the total sales for the month. The CBN in January had a 60:40 rule, where 60% of forex allocations went towards raw materials and manufacturing.
Sales towards Raw Materials got an allocation of about $356 million or about 43% of total allocation for the month. Manufacturing had an allocation of $62 million while petroleum products got $27.1 million. Sales towards Plant and Machinery got an allocation of about $13.2 million while Agriculture got $11.2 million as allocation for the month.
Here is a break down below;
It appears the bank to go to when looking for forex are Access Bank, Zenith Bank, StanChart and First Bank.
Invisible trade does not mean “personal travel allowance” alone. It has other components like medical bills, school fees, software fees, etc. Maybe we should know what invisible trade meant in this context before you classify it as PTA, abi?
The headline of your report is very misleading. if 811m was sold in PTA FX at the parallel market would have since crashed. Secondly invisibles cover items like school fees, allowances, medical and PTA
How is the headline misleading?
$810m was not allocated to PTA but invisible transactions of which PTA is a fraction of it.
guys lets stand back and do the maths again.
810m dollars @ 305 equals 247 billion naira just on PTA for how many months.
Guys this is not adding up for an economy that is supposedly in recession.
Where are these guys travelling to, or are u guys thinking what am thinking.
Am thinking round tripping.
zenith bank just declared revenue of 180 billion with a banking industry battling with huge levels of NPL, along with an economy in recession.
HMMMMMMMMMMMMMMMM i wonder????????