FirstBank gets $13.745m Forex allocation from CBN

FirstBank gets $13.745m Forex allocation from CBN

The latest returns on forex utilisation for FirstBank Nigeria Limited have shown that the bank was allocated $13,745,768.19 by the Central Bank of Nigeria (CBN) last week.

The returns published on Monday showed that FirstBank sold the greenback to 678 customers.

FirstBank’s biggest customers, according to the returns dated May 19, were Dangote Cement Plc, which got $2 million for the importation of machinery for its cement plants; Gulf Treasures Limited, which purchased $1 million from the bank for the importation of gasoline; and Kam Industries Nigeria Limited, which got $1 million also.

The bulk of the forex it sold was for the payment of school fees abroad.