Manufacturing sector accessed $867m FX in one month-CBN

The Central Bank of Nigeria (CBN) says some 7,792 requests for foreign exchange  in October accessed over $867 million through the inter-bank window to enable them source vital raw materials and spare parts for their respective industries.

This is well over $660 million equally accessed by manufacturing companies in the inter-bank market to source raw materials and spare parts in September 2016,

Raw materials sector received the highest allotment, getting access to foreign exchange valued at $355,744,861.05 or 40.99 per cent of the total value of Forex utilization for the month put at $867,834,186.26 for the month.

CBN Statistics showed that the manufacturing and petroleum industries accessed some to $91.28million and $150.82 million, respectively.

Companies and other interests in the agricultural sector got access to $13.72 million for the period, while entities in the aviation sector received $10.32 million  for the same period. Finished goods and others got allotments of $43.84million and $10.79 million, respectively.

Invisibles, comprising of school fees, students’ upkeep and medicals, among others, received $191.34 million or 22.05 per cent of the sum.

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.

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