Sunday, January 17, 2016 08:34 PM / TheAnalyst
The communication services sector which houses postal services, courier services, telecommunications services and audiovisual services is one of the sectors with low FX usage. It recorded 1.27% FX utilization between Jan 2014 to May 2015.
The postal services sub-sector recorded no FX usage while courier services sub-sector recorded 0.04% FX usage between Jan 2014 to May 2015. The usage can be attributed to their foreign operations in service delivery to other countries.
The telecoms services sub-sector recorded the highest usage figure as it has 1.22% FX utilization figure with voice telephone services, online information and data processing inclusive of transaction processing taking the chunk of the figure.
A look at the Q3 GDP report published by the NBS shows that the information and communication sector in which telecommunications belong grew by 5.27% in real term YoY and telecommunications and information services was said to be the main driver of the growth.
1. Effective immediately, CBN stops sales of Fx to BDC's, Allows Nigerians lodge Forex
2. Scoops, not Signals appear to guide monetary policy anticipation
3. No end to the administrative measures on FX