The 2020 annual report of the Central Bank of Nigeria (CBN) Currency Operations Department shows that the sum of N3.95 billion was spent by the apex bank for the payment of estacodes and Personal Travel Allowances to Ministries, Departments and Agencies (MDAs) as well as to fund Bureaux De Change operations in 2019.
The CBN, in the report, said the forex procured for the payment of estacodes and PTA to the MDAs as well as the funding of BDC operations dropped to $2.12bn last year.
“The receipt and authentication of foreign currency deposits by Deposit Money Banks reduced significantly due to the downturn in global trade in 2020,” it said.
The apex bank said it recorded a significant reduction in the volume and cost of forex procurement last year.
“A total of $1,830.00m was procured over the course of 2020. This value represents a decrease of $2,120.00m or 53.67 per cent relative to the $3,950.00m procured in 2019.
“This was used to fund Bureaux De Change operations, payment of estacode and Personal Travel Allowances to Ministries, Departments and Agencies,” the report added.
