First Bank Gets Forex Allocation

First Bank Gets Forex Allocation

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.

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. Read more

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