Tuesday, January 18 2016 05:34 PM / TheAnalyst
FX has come under intense CBN control in recent times due to the high rate of demand from its users.
A look at the top ten sub-sectors with highest FX utilization between January 2013 and May 2015 reveals that Asset Management sub-sector has the highest FX usage of 19.65% which amount to about US$17.07bn.
Crude oil/Natural gas sub-sector has the second has FX usage of 16.61% amounting to US$14.43bn while Chemical raw material sub-sector from the Industrial sector comes third with 8.90% amounting to US$7.73bn.
It is pertinent to state that financial services sector has the highest representation in the top ten lists with four representations namely – Asset Management, all payment and money transmission services, lending and other financial services.
The total amount of FX usage by the four sub-sectors is US$29.35bn which is about 45% of the total amount of FX used by the top ten sub-sectors with the total standing at US$65.71bn