The Central
Bank of Nigeria (CBN) has announced that, in continuation of its resolve to
ease foreign exchange pressure on the strategics actors of the economy, it had
granted access to about 7,792 requests for $867 million in October.
Statistics
obtained from the apex bank’s website show that the raw materials sector
received the lion share of about $355.75million or 40.99 per cent of the total
value of forex utilisation for the month at $867.8 million..
The data also
show that other end users like the manufacturing and petroleum industries got
access to about $91.28 million and $150.82 million respectively.
Companies and
other interests in the agricultural sector got access to about $13,72 million
for the period, while entities in the aviation sector received about
$10.31million for the same period. Finished goods and others got allotments of
about $43.84 million and $10.78 million respectively, while invisibles,
comprising school fees, students’ upkeep and medicals, among others, received
$191.34 million or 22.05 per cent of the total amount. Confirming the figures,
the Acting Director, Corporate Communications Department of CBN, Mr. Isaac
Okorafor, said the release of the figures underscored the transparency of the
apex bank in foreign exchange management.
According to
him, CBN remained committed to its pledge to ease the foreign exchange pressure
on manufacturing and agricultural sectors through forward sales under the new
flexible foreign exchange regime.
Recall that in
September, manufacturing industries got access to over $660 million in the
inter-bank market to source raw materials and spare parts for their industries.
Releasing the
names of the 1,342 companies that accessed fund in September, CBN stated that
23 banks and International Money Transfer Organisations (IMTOs) disbursed over
$660.17million during the month to import raw materials, plants and machinery.
The CBN
recently said that manufacturing industries were given access to over $660
million in the inter-bank market to source raw materials and spare parts.
Details
indicated that the sum sourced by the manufacturers was to facilitate the
procurement of raw materials for agricultural, pharmaceutical, automobile,
aviation, plant and machinery, power, telecommunications, and printing, among
others.
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