Business

Diamond, Standard Chartered banks disburse $38.34m

Published

8 years ago

April 11, 2016

Ripples Nigeria

Diamond, Standard Chartered banks disburse $38.34m

Diamond Bank Plc and Standard Chartered Bank Limited topped

forex utilisation list for last week with combined $38.34 million

disbursement to their customers.

The two lenders, which respectively dispensed $21,576,681.70

and $16,768,834.15 during the week did massive funding for school

fees payments abroad and funding for importers of petroleum products.

Diamond Bank disbursed $6 million to A-Z Petroleum and $2,188,793.26 to

Dozzy Oil & Gas for the importation of petroleum products. Swift Oil got

$2,554,632.16 while $1,479,167.94 went to Rhamaniyya Oil & Gas also for

importation of petroleum products.

Over 110 customers obtained forex from Standard Chartered Bank

for the payment of school fees. Dangote Sugar Refinery also got

$2,070,609.98 for the importation of Brazilian Cane Raw Sugar while Matrix Energy secured $2,788,642.01 for the importation of petroleum products while over 20 customers accessed the funds for the Personal Travel Allowances (PTA) and Business Travel Allowances (BTA).

Union Bank plc, First City Monument Bank and Sterling Bank Plc

made disbursement estimated at $7.2 million; $6 million and $5.6

million respectively mainly for school fees payment, importation of

petroleum products and BTA/PTA.

The funds were sourced from the Central Bank of Nigeria (CBN) and sold to

the beneficiary customers at the official rate of N197.50 to dollar.

The beneficiaries used the funds for the importation of goods, services

and other items that fall within the CBN-stipulated import approval list.

The CBN Governor, Godwin Emefiele has consistently assured

stakeholders that the country will continue to meet matured financial

obligations to foreign investors and her international trading partners.

For the CBN, the ongoing weekly publications on forex utilisation

were meant to promote transparency and accountability on the side of

the lenders which act as a link between the regulator and the forex users.

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