CBN’s Forex Allocation to Banks Hits $2.188billion in Three Months

The returns on foreign exchange utilization have shown that the Central Bank of Nigeria, CBN, sold a total of $2,177,999,996 to commercial and merchant banks as well as the Bank of Industry (BoI) between March 1st and May 31st 2016.

A breakdown of the weekly returns on forex utilization showed that while in March 2016, the banking sector regulator sold a total of $921,352,549 to banks, and $669,405,241 in April, the financial institutions were allocated a total of $587,242,206 in May.

The report however showed a gradual slide in the monthly forex sale by the central bank.

Actual demand for forex stood at almost $21.800 billion during the three months, as the apex bank only managed to meet about 10 per cent of banks’ demand for forex through its demand management policy.