Business & Finance

Forex: Petroleum Products, School Fees Take $20m From Reserves In 1 Week


Petroluem product as well as institution charges represented over $20 countless the $45 million gotten from the Central Bank of Nigeria (CBN) by four banks recently for a several objectives.

Of the $45,087,356.3 obtained through Zenith Bank, Guaranty Trust Bank, Ecobank Nigeria and Union Bank, $17,233,518.42  representing 38 per cent of the dollar  was utilised for the purchase of petroleum products.

Also, a total of $2,767,944.29 obtained through Zenith Bank, GTB and Ecobank was utilised for the payment of tuition fees and living allowances of Nigerian students studying abroad.

The highest amount for the purchase of petroleum products was obtained through Ecobank which recorded $5,740,170.88 followed by Union Bank with $5 million which was utilised by Total Nigeria Limited.

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Also $4,416,228.6 and $2.067,118.94 obtained through GTB and Zenith Bank respectively.

For the payment of tuition, exam fees and living expenses the Zenith Bank accounted for the largest amount of $1,456,145.41. while $815,516.01 obtained through GTB was also utilised for tuition while $496,282.87 was accounted for by Ecobank Nigeria.

In total, the largest amount was disbursed by GTB. The bank obtained $13,471,562.78 for its customers.

Customers of Zenith Bank also obtained through the bank $12,819,892.88 while Ecobank and Union Bank obtained $10,413,668.67 and $8,382,231.97 respectively for its customers, through the CBN window.

The CBN sells foreign exchange to banks based on the approved applications of their customers. The foreign exchange was sold at the official value of N197.50 to the dollar.

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