Dangote, MTN, Zenon Lead Foreign Exchange Users
By Shaka Momodu and Malachy Agbo
Central Bank of Nigeria (CBN) has published statistics of foreign exchange users in the country between January and July with Dangote Group emerging the highest end user.
The data made available to THISDAY indicated that out of the $6.1 billion sold at the forex market during the time under review, Dangote Group topped the list with $303 million, followed by MTN Nigeria Communication which accounted for $204 million, while Flour Mills of Nigeria Plc received $149 million.
In that order, Zenon Petroleum and Gas Limited which has maintained a consistent lead as the undisputed king of the diesel market, recieved $112 million, ahead of Oando Plc which posted $107 million.
Texaco Nigeria Plc is placed sixth topmost user with $99.6 million, followed by Guinness Nigeria Plc, Total Nigeria Plc, Toyota Nigeria Limited and Conoil Plc recieved $78 million, $71.2 million, $63 million, $62.4 million, respectively.
Not left of the top 20 companies on the list is GMT Nigeria Limited, accounting for $60 million, African Petroleum Plc $54 million, Promasidor Nigeria Limited $54 million and Obajana Cement Plc gulped $46 million, as PZ Industries Plc used $39 million, Vee Networks Limited $36.8 million. In that order are Dana Group wit $36.6 million, Nigerian Breweries Plc$33.1 million, while British Always Plc used $32 million and Mobil Oil Nigeria Plc $31.7 million.
The statistics released by the apex bank also named ten banks that facilitated the forex exchange and is this cathegory, Zenith International Bank Plc ranked first with 15.8 per cent of the market share, followed by First Bank of Nigeria Plc supplied 6.20 per cent while Union Bank of Nigeria Plc recorded 5.84 per cent.
The fourth in the list is Guaranty Trust Bank Plc that facilitated 5.71 per cent of the exchange, as Nigeria International Bank, Diamond Bank Limited, Intercontinental Bank Plc and Equitorial Trust Bank Limited supplied 4.98 per cent, 4.24 per cent, 3.64 per cent and 2.56 per cent respectively.
Investment Bank & Trust Company with 2.56 per cent, is placed ninth and Access Bank Plc is placed tenth highest facilitator with 2.54 per cent.
According to sources within the apex bank,CBN is worried about the high demand foreign, and fears that it is pushing up inflation. The source further disclosed one of the reasons CBN ordered the withdrawal of government deposits from bank was to discourage high demand for foreign exchange. While CBN hopes to push down forex demand by the withdrawal of deposits, observers have expressed doubts at the efficacy of the policy pointing out that most of the leading foreign users may even demand more than their current levels owing to rising business profile which necessitates higher demand for forex.
The apex bank however had to make a dramatic turn on the withdrawal of government deposits when most banks in the country were faced with imminent collapse.
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