FOREX SUPPLY ROSE BY 31.5% IN OCTOBER, SAYS CBN

The supply of foreign exchange to the different official windows from which banks allocated to customers increased by 31.5% in October to $867.8m from about $660m in September.

According to the forex allocation report for the month compiled by the Central Bank of Nigeria (CBN) from bank reports and released late  November 30, the banks tried their best to allocate at least 60% as directed to manufacturing but it was not quite possible.

In all manufacturing plus raw materials got 2897 number of allocations from the various banks totalling about $447m or 51.5% of the total dollars available.

This works out at an average of $154,839.6 per allocation for combined manufacturing and raw materials even though they appear separately in the report.

In terms of average value, allocation for petroleum ranked in a class of its own with 129 allocations having total value of $150.8m or average of $1.17m per allocation.

Petroleum thus ended with only 1.66% of total allocations and 17.4% of total dollars allocated.

The closest to this was average of $1.03m per allocation for the aviation sector as its 10 allocations added up to $10.3m plus.

Surprisingly fair share was allocated to agriculture within the month with it 62 allocations coming to $13.7m at an average of $221,202.6 per allocation.

Invisibles, that is payment for services like school fees, bank charges, credit cards, subscriptions, mortgage, BTA and other services, got the highest number of allocations (48.1%) but only 22% of dollars allocated or $191.3m. The average came to $51,077 per allocation.

Finally, others, a group which included offshore charges, LC charges, payment for accessories etc, had 424 allocations worth about $10.8m for the lowest average of $25,462.

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