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)

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

The post above and its ensuing comments, if any, is purely the opinion of the writer(s). It therefore should never be considered as an investment advise of any sort. If required, readers should please consult a competent professional financial adviser for any investment decision.