The Central Bank of Nigeria (CBN) last week sold a total of $130,755,294.59 to 14 commercial banks, four merchant banks and the Bank of Industry (BoI).
The amount was however lower by $5,283,163.58, compared with the $136,038,458.17 the banking sector regulator allocated to the financial institutions in the preceding week.

The amount is expected to reduce further going forward, following the new fuel price regime excluding the funding of importation of petroleum products from the official foreign exchange market.
Returns on forex utilisation published by the financial institutions last week showed that for the first time since THISDAY started reporting their returns, United Bank for Africa (UBA), with $18,500,803.50 got the highest allocation from the central bank.

Read more@www.nairausd.com/2016/05/uba-leads-as-cbn-forex-sales-to-banks.

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