FOREX Utilization: CBN Boosts Manufacturing, Agricultures, Others

Forex
3482 VIEWS
Proshare - Facebook Proshare - Twitter Proshare - Instagram Proshare - Linked In Proshare - WhatsApp
Proshare

Monday, February 20, 2017 8:50 AM / CBN

Key Highlights

1.       FOREX Utilization: CBN disburses $2.83 billion in two months

2.       FOREX Utilization: Critical sectors enjoy allocations


The Central Bank of Nigeria (CBN) has disbursed the sum of $2.83 billion for utilization in the critical sectors of the economy between December 2016 and January 2017.

In a release by the Acting Director, Corporate Communications Department, Mr. Isaac Okorafor stated that manufacturing, raw material and agriculture among others topped these disbursements targeted at employment generating and wealth creating sectors of the economy.
Meanwhile, the sum of $609 million and $228 million were released for raw materials in the months December and January respectively while manufacturing also attracted the sum $53 million and $71 million respectively during the same period.  

In the foreign exchange utilization figure indicate that the sums of $1.839 billion and $0.989 billion respectively were extended to critical sectors like manufacturing, agriculture, petroleum products and airlines among others in December 2016 and January 2017.

Commenting further on the development, the Okorafor, stressed the determination of the Bank to continue to ease the foreign exchange pressure on critical sectors.

It will be recalled that the CBN in the month of November 2016, supported critical sectors with $1,070,175,392.04 equivalent of foreign exchange for agricultural machinery, industrial raw materials, education and personal travel allowances to source industrial raw materials and spare-parts through the interbank foreign market.        

Related News
1.      
CBN makes further clarification on FOREX sale
2.     
Drawbacks of Capital Control Measures Under the Proposed Forex Amendment Bill
3.     
CBN’s $1.07bn Forex Utilization Report November 2016
4.     
CBN clarifies alleged wrong FOREX purchase figures
5.     
Nigeria’s Current Economic Situation: Our Case – CBN
6.     
Naira slips further, hits N497.50 against Dollar at parallel market
7.     
Is The Official Exchange Rate of N305 Realistic & When Can We Expect Uninterrupted Supply of FOREX?
8.    
Naira firms up at N305 against Dollar at interbank FX Market
9.     
Bid/Ask spreads stable at interbank FX as Naira holds value
10. 
Market Movements in 2016 - Forex Reserves Drops by 12.87%
11.  
Naira Holds Ground Against the Dollar at Interbank FX Market
12. 
Naira Enjoys More Stability as Speculation Wanes
13. 
FT - Lenders Plan Not To Renew Deals with CBN 

Related News
SCROLL TO TOP