Banks in Competitive FX Trading as Demand for School Fees, Others Shrink – Thisday

dollar to naira

By Obinna Chima and Nume Ekeghe

Trading on the recently introduced Nigeria Interbank Foreign Exchange (NIFEX) has revealed huge volume of activities by both commercial and merchant banks with competition among the financial institutions heightening as they seek to satisfy their clients.

The returns on forex utilisation and source of funds (purchases) for the week ended June 24, 2016, which was published by banks last week, also showed that forex demand for the payment of school fees and other invisibles such as personal travel allowance (PTA) and business travel allowance (BTA), that used to be dominant activities, have all thinned out. On the other hand, dollar sales to customers for the importation of industrial raw materials and other visibles dominated activities.

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