Manufacturers, Nigerian students abroad, others get $867 million Forex – CBN

CBN

The Central Bank of Nigeria, CBN, has given access to about 7,792 requests for foreign exchange valued at over $867 million to manufacturers and other strategic actors in the Nigerian economy, according to a statement.

The statement by acting Director, Corporate Communications Department, Isaac Okoroafor, on Thursday in Abuja, stated that the access was in continuation of CBN’s resolve to ease foreign exchange pressure on manufacturers.

The access, Mr. Okoroafor noted, was given through inter-bank window to enable manufacturers and strategic actors source for vital raw materials and spare parts for their respective industries.

He added that the figure was derived from a summary of the Forex Utilisation for the month of October.

The summary indicated that the raw materials sector received the highest allotment, getting access to foreign exchange valued at $355.7 million representing 40.99 per cent of the total value.

He noted that “statistics from the CBN in Abuja showed that manufacturing and petroleum industries got access to $91.2 million and $150.8 million respectively.

“Companies and other interests in the agriculture sector got access to $13.7 million for the period, while entities in the aviation sector received $10.3 million.”

The director stated that finished goods and others got allotments of $43.8 million and $10.7 million respectively.

Invisibles, comprising of school fees, students’ upkeep and medicals, among others, received $191.3 million, representing 22.05 per cent of the figure, he stated.

Mr. Okoroafor pointed out that the release of the figures underscored the transparency of the apex bank in foreign exchange management.

He added that the CBN remained committed to its pledge to ease foreign exchange pressure on manufacturing and agriculture sectors through forward sales under the new flexible foreign exchange regime.

He recalled that in September, manufacturing industries in Nigeria were given access to foreign exchange valued at over 660 million dollars in the inter-bank market.

(NAN)


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  • Olori Magege

    very good. a step in the right direction. keep it up

  • KBE

    WHo are the students whose school fees were paid through CBN? A simple poll will tell you, many parents got the school fees through black market. Only the children of powerful bank owners, staff, shareholders and politicians got this money. No money was given to many (others) people that filled Form A for school fees. The CBN is a corrupt organization serving the interest of the corrupt elites only. There was no transparency or fairness in the distribution of the allocation for school fees. The banks were only telling their customers that there is no forex and that was all.