January FX Utilization By Banks Shows $811m Allocated To PTA
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.