The Central Bank of Nigeria (CBN) disbursed a total of
$355.74 million for raw materials imports in the month of October. A statement
by the bank said the amount was about 40.99% of the total 867.83 million
dollars CBN special interbank foreign exchange package.
Out of the 356 million dollars CBN raw materials FX
intervention last month, the highest amount goes to school fees, medicals and
other invisibles. At the second place was petroleum industries with 150.81
million dollars while the manufacturing sector received 91.27 million dollars.
On the list also are agriculture, aviation and finished goods. The Central Bank
says the disbursements were based on a total of 7,792 requests that were
received for vital raw materials and spare parts sourcing. The Central Bank of
Nigeria (CBN) had given access to about 7,792 requests for foreign exchange
valued at over 867 million dollars to manufacturers and other strategic actors
in the Nigerian economy, according to a statement. The statement by acting
Director, Corporate Communications Department, Mr Isaac Okorafor, said the
access was in continuation of CBN’s resolve to ease foreign exchange pressure
on manufacturers. The access, Okoroafor noted, was given through inter-bank
window to enable manufacturers and strategic actors to source for vital raw
materials and spare parts for their respective industries.
Source:Vanguard News
Source:Vanguard News
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