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Nigeria Manufacturers Attracted U.S.$867 Million in October

Nigeria Manufacturers Attracted  U.S.$867 Million in OctoberPhoto by CBN

By Obinna Chima

In continuation of its resolve to ease foreign exchange (FX) pressure on manufacturers and other strategic players in the Nigerian economy, the Central Bank of Nigeria (CBN) said it met about 7,792 requests for FX valued at $867,834,186.26, through the inter-bank window to enable them source vital raw materials and spare parts for their respective industries.

The objects of the CBN are ensure monetary and price stability;issue legal tender currency in Nigeria; maintain external reserves to safeguard the international value of the legal tender currency; promote a sound financial system in Nigeria; and act as Banker and provide economic and financial advice to the Federal Government.

Foreign exchange(fx), which was carried out in June, effectively removes controls on the naira, allowing increased dollar supply that would help strengthen the country’s weak economy.The areas of priority included honouring matured letters of credit from commercial banks, importation of raw materials, plants, and equipment, importation of petroleum products, and payments of school fees, and related expenses.

A summary of the Forex Utilisation for the month of October 2016, from the central bank indicated that the raw materials sector received the highest allotment, as it got access to FX valued at $355,744,861.05 or 40.99 per cent of the total value of FX utilisation for the month under review.

Statistics obtained from the Central Bank of Nigeria (CBN) in Abuja showed that the manufacturing and petroleum industries got access to $91,276,699.30 and $150,815,804.73, respectively.

Companies and other interests in the agricultural sector got access to $13,714,552.83 for the period, while entities in the aviation sector received $10,313,648.29 for the same period.

Finished goods and others got allotments of $43,838,044.04 and $10,795,488.92, respectively.

In addition, invisibles, comprising of school fees, students' upkeep and medicals, among others, received $191,335,087.10 or 22.05 per cent of the figure.

Confirming the figures, the acting Director, Corporate Communications Department, CBN, Isaac Okorafor, said the release of the figures underscored the transparency of the bank in Foreign Exchange Management.

According to him, the 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.

In the month of September 2016, manufacturing industries in Nigeria were given access to foreign exchange valued at over $660 million in the inter-bank market to source raw materials and spare parts for their industries courtesy of the interbank FOREX market.
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