The amount of foreign exchange used for the payment of estacodes and Personal Travel Allowances to Ministries, Departments and Agencies as well as to fund Bureaux De Change operations was $3.95bn in 2019.
According to the Central Bank of Nigeria. The CBN, in the 2020 annual report of its Currency Operations Department released on Thursday, said the forex procured for the payment of estacodes and PTA to the MDAs as well as the funding of BDC operations dropped to $2.12billion 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.
It said, “A total of $1,830.00million was procured over the course of 2020. This value represents a decrease of $2,120.00million or 53.67 per cent relative to the $3,950.00million 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 CBN said it used N538.59million to destroy unfit naira.
The report said, “The bank sustained banknotes disposal operations in 2020 to ensure the circulation of clean banknotes.