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CBN’s $1.07bn Forex Utilization Report November 2016

Forex
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Monday, January 30, 2017 10.14 AM / News

The 76-page Central Bank of Nigeria report on FOREX utilisation revealed disbursements totaling $1.07 billion to 4,328 manufacturers, power and other real sector operators for the procurement of raw materials, plants and machinery.

The November 2016 report released on January 24, 2017 listed some of the beneficiaries as including

1)      Dana Motors,

2)     Dangote Industries,

3)     Eat N Go Limited,

4)     Flour Mills Nigeria,

5)     GX Foods Limited,

6)     PZ Cussons,

7)     Indorama,

8)    Eleme Petrochemicals,

9)     Fidson Healthcare,

10) Okomu Oil Palm,

11)  MTN Nigeria Communications,

12) Nestle Nigeria Plc,

13) Nigerian Breweries Plc, and

14) Nigerian Bottling Company.

 

The funding transactions were conducted through FirstBank, Zenith Bank, Access Bank, Unity Bank, Union Bank, Wema Bank, Sterling Bank, Diamond Bank, GTBank, Fidelity Bank, Jaiz Bank and FBN Merchant Bank.

 

The forex utilisation report is designed to promote transparency and accountability on the side of the lenders which act as a link between the regulator and the forex users. See below for the last two (2) months report publicly available on the CBN website.

 

OBSERVATION FOR THE ATTENTION OF THE CBN:
It is however worthwhile to note that the last time the CBN published an Economic & Financial Review was November 9, 2015. See https://www.cbn.gov.ng/Documents/efr.asp  This is below acceptable standards and practice; and speaks to the quality and use of data and the shifting focus from the norm.



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