Zenith Maintains Lead in Forex Allocation from CBN

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7858

Obinna Chima
For the second week in a row, Zenith Bank Plc has maintained its lead with the highest allocation of foreign exchange from the Central Bank of Nigeria (CBN), the returns on utilisation of forex published by banks last week have shown.

Zenith Bank with an allotment of $23,630,485.39 was closely followed by Guaranty Trust Bank Plc (GTBank) which got $23,549,564.32, to come in second, while Standard Chartered Bank Nigeria Limited with $20,003,513.17 held the third slot.

Also, Ecobank Nigeria which published returns of $15,120,559.25, held the fourth position, while First City Monument Bank Limited (FCMB) with $14,780,851.20, occupied the fifth position.

In the same vein, First Bank of Nigeria Limited (FirstBank) reported returns of $14,518,891.10 to occupy the sixth place, just as Access Bank Plc with $12,569,794.24, held the seventh place. Diamond Bank Plc with $11,525,173.56, was in the eighth slot.

Diamond Bank was followed by Union Bank of Nigeria Plc which reported returns of $11,058,653.79, United Bank for Africa (UBA) Plc – $8,536,168.37, Citibank – $8,006,422.11, and Fidelity Bank Plc – $7,125,684.54.

A breakdown of individual bank returns showed that Zenith Bank sold forex to a total of 439 customers – individual and corporate. The bank’s forex sales showed that a significant number of customers on its list procured forex to pay tuition abroad and for personal travel allowances (PTA), while some others bought dollars for the importation of visible items.

GTBank sold the dollars purchased from the CBN to 224 customers, with 32 of its customers getting forex for the importation of petrol, corrugated cardboards, spare parts, bitumen, and industrial raw materials, among others. In addition, 130 GTBank customers were sold forex to pay for school fees while about 62 got forex for PTA.

Standard Chartered Bank Nigeria Limited listed the 246 customers it sold forex to. The customers utilised the dollars they purchased from the bank for loan repayment, school fees, PTA and Business Travel Allowances (BTA).
The returns on forex utilisation published by Ecobank had 296 customers. Of this number, 92 got the dollars for the importation of industrial raw materials and other visible items, while the rest were for the payment of tuition fees abroad and PTA.

FCMB published 238 customers, of which 76 purchased the dollars for the importation of visible items, while others were for school fees and PTA, just as a large number of First Bank’s 819 customers also bought forex for school fees and PTA.

Access Bank had 195 customers on its list, of which most also bought dollars to pay for school fees abroad and for PTA. Also, customers such as Dana Motors got forex for the importation of Kia vehicles in semi-knocked down parts, while Jubaili Agrotech got dollars for the importation of herbicides, among others.

Diamond Bank also sold dollars to 247 customers for the importation of essential industrial raw materials, PTA and for the payment of tuition fees abroad. Union Bank also had 130 customers on its list, with 41 of them that got dollars for the importation of petrol, gas, and materials for textiles, among others, while the rest were for school fees and PTA.

Ranking Bank Amount ($)
01 Zenith Bank 23,630,485.39
02 GTBank 23,549,564.32
03 Standard Chartered 20,003,513.17
04 Ecobank Nigeria 15,120,559.25
05 FCMB 14,780,851.20
06 FirstBank 14, 518,891.10
07 Access Bank 12,569,794.24
08 Diamond Bank 11,525,173.56
09 Union Bank 11,058,563.77
10 UBA 8,536,168.37
11 Citibank 8,006,422.11
12 Fidelity Bank 7,125,684.54
13 Sterling Bank 6,348,739.94
14 Skye Bank 2,554,769.85
15 Unity Bank 1,930,379
16 Wema Bank  160,000
  • vic

    AND ALSO A LEAD IN FOREX FRAUD, LAUNDERING DOLLARS IN THE BLACK MARKET??

    THESE DAYS, THIS IS THEIR MAJOR BANKING PROFESSION, THAT IS TO MAKE BILLIONS OVERNIGHT FROM FOREX FRAUD IN THE BLACK MARKET AND OF COURSE, THE CBN GOVERNOR WHO IS ALSO THE CHAIRMAN OF THESE FOREX FRAUDSTERS’ BANKERS COMMITTEE AIDING AND ABETTING FOREX FRAUD IN CBN AND IN THESE NIGERIAN COMMERCIAL BANKS.

    HERE, CBN IS AT THE CENTER OF FOREX FRAUD AND NAIRA MANIPULATION..

    • William Norris

      I want to know how you suggest the fraud be stopped? Just curious.

      • vic

        1. efcc should monitor, check and investigate into the forex activities at least for the past 5 years of these commercial banks followed by sanctions plus fines in dollars in the equivalent amounts for the forex fraudulent banks. henceforth, the forex allocation to such banks should also stop.

        2. jail sentences for the chief executives of the forex fraudulent banks.

        3. physical checking of the imported goods at the receiving ports and airports of the quantity and the price paid for the goods, endorsed by the port authorities and countersigned by the efcc.

        4. if the port authorities and the efcc join these unscrupulous traders to defraud forex, they should also be investigated, fined, sacked and jailed if found guilty.

        please let me know if this is agreeable.

        have a nice day.

    • William Norris

      No, your solutions are not agreeable to me. REASON – no matter how many people you punish, such fraud will continue as long as the law makes it profitable.

      I expect the EFCC and ports authorities will take bribes and allow the corruption to continue. That’s the REALITY of human nature.

      The simplest solution is to FLOAT the naira. Abolish FIXED price and let everyone buy at open market price. This will IMMEDIATELY relieve the artificial scarcity created by the fixed price of 197.

      Forex fraud wasn’t a problem until the government FIXED the dollar price at 197.

      The latest time Nigeria had problems with forex fraud was when Abacha fixed dollar price at 22.

  • vic

    THE ABOVE LIST IS THE LIST OF CLUSTER FOREX FRAUDULENT BANKS WHICH BUY FOREX FROM THE CENTRAL BANK AT THE OFFICIAL RATE OF 197 NAIRA TO A DOLLAR AND THEN MOVE ON STRAIGHT TO THE BLACK MARKET TO SELL THE SAME DOLLAR AT 350 NAIRA TO A DOLLAR THUS MAKING 60 % PROFIT STRAIGHT AWAY WITHOUT DOING ANYTHING. WHAT FRAUD DRIVEN BUSINESS CAN BE BETTER THAN THIS IN ORDER TO MAKE QUICK BUCKS RIGHT UNDER THE SUPERVISION OF THE CBN GOVERNOR WHO ALSO IS THE CHAIRMAN OF THE BANKERS COMMITTEE CONSTITUTING THE SAME FOREX FRAUDSTER BANKS.

    UNLESS THIS RING OF FOREX FRAUD IN NIGERIA IS BROKEN, THERE IS NO HOPE THAT NAIRA WILL STRENGTHEN TO ONE DOLLAR EQUAL TO ONE NAIRA, NO MATTER WHAT IS THE PRICE OF CRUDE OIL TODAY. THESE BIG FOREX LOOTERS ARE ALL TOGETHER TO ROB THE NATION OF ITS SCARCE FOREX RESOURCES NOT TO TALK OF DIRECT LOOTING OF DOLLARS FROM THE CENTRAL BANK BY THE TOP LOOTER POLITICIANS IN NIGERIA, SSTARTING FROM THE PRESIDENCY.

  • land37_akanbi17

    MY CONCERN IS HOW THESE FUNDS ARE DISTRIBUTED TO THE NEEDY BANKS! MY QUESTION IS HOW ARE ALLOCATIONS TO THE BANKS ARE ARRIVED AT? AND WHO AUTHORIZE THE FINAL RELEASE OF THESE FUNDS TO THE BANKS! UNTIL RATIONAL APPROACH IS EQUITABLY APPLIED, UNDUE INFLUENCES WILL AUTOMATICALLY CONTINUE ON ABATED. LET THE CENTRAL BANK APPLY A SENSITIVE AND RATIONAL APPROACH TO FUNDS ALLOCATION TO STUDENT FEES . PARENTS WHOSE WARDS AND CHILDREN NEEDS ALLOCATION AND ARE PURSUING UNDER GRADUATE COURSES SHOULD RETURN TO NIGERIAN UNIVERSITIES! WE HAVE TO PRESERVE THE FOREX FOR MORE SERIOUS USE. AS A MATTER OF FACTS, FUNDS AVAILABLE FOR SPECIALIST TREATMENTS OVERSEAS SHOULD BE EQUITABLY REVIEWED IN ORDER TO PRESERVE OUR LEN FOREX. IF NIGERIANS SHOULD LEARN TO BE SUBMISSIVE TO THE UNFAVOURABLE ECONOMIC HARDSHIP, THE NATION WILL SURELY HAVE A UNIQUE EDGE OVER THE CURRENT AND UNFAVOURABLE TRENDS ON THE ECONOMY. WHAT WE USE TO HAVE COMFORTABLY IS NO LONGER AVAILABLE BECAUSE THE FOREX IS NO LONGER CHEAPLY AVAILABLE. TO THOSE NIGERIANS WHO ARE IN THE INDUSTRIES, THEY MUST LEAN TO BE PRUDENT IN THEIR REQUESTS FOR FOREX. LET THEM LEARN TO BE HONEST AND SINCERE IN THEIR ALLOCATION REQUESTS. ALL HANDS MUST BE ON DECK TO BAIL OUT THE NAIRA AND STRENGTHEN IT POWER. WE MUST ALL COOPERATE WITH THE PRESIDENT AND MOVE THE ECONOMY TO GREATER HEIGHT.

    • William Norris

      How do you suggest the fraud be stopped? Just curious.