Trading by banks on behalf of their clients on the Nigerian Interbank Foreign Exchange (NIFEX) has shown increased foreign exchange (forex) allocation to the importation of raw materials and industrial machines by manufacturers.
A review of the returns on forex utilisation and source of funds for the week ended July 1, 2016, which was published by some commercial banks last week, revealed an increase in the volume of forex allocations to the sector.
For instance, Zenith Bank Plc’s returns on forex utilisation which put the volume of its transactions at $115,066,665.95 showed that it transacted business with a total of 434 customers.
Most of them were corporate customers who bought the greenback from the bank for the importation of industrial raw materials and spare parts, among others.
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