CBN gives manufacturers $660 million forex in one month

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The Central Bank of Nigeria has announced that it has provided a total sum of $660m to the manufacturing sector in the last one month. The amount, the apex bank said, was made available to the manufacturers through the interbank market to source for raw materials and spare parts to boost production capacity.

The Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okoroafor, confirmed the development on Monday. Okoroafor said the move by the apex bank was in line with its earlier promise to ease the foreign exchange pressure on the manufacturing and agricultural sectors.

The provision, he stated, was achieved through forward sales under the new flexible foreign exchange regime. “Manufacturing industries in Nigeria have been given access to foreign exchange valued at over $660 million in the interbank market to source for raw materials and spare parts for their industries courtesy of the interbank forex market” Okorafor said.

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