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CBN Sells $356m to Support Raw Materials Sector

CBN Sells $356m to Support Raw Materials Sector

Yesterday, the CBN yesterday said it sold $356 MN to support importation of raw materials in the month of October. this, according to apex bank represents 40.9% of the total foreign exchange sold during the month estimated at $876. CBN disclosed this in its data on foreign exchange utilization for October 2016, the data revealed that the apex bank received granted access to about 7,792 requests for foreign exchange, valued at over $867MN through the inter-bank window to enable them source vital raw materials and spare parts for their respective industries.

A summary of the forex utilization for the month showed that the raw materials sector received the highest allotment, getting access to foreign exchange valued at $355,744,861.05 or 40.00% of the total value of forex utilization for the month put at $867,834,186.26. it also showed that 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 other got allotments of $43,838,044.04 and $10,795,488.92 respectively. Invisibles comprising of school feds, students upkeep and medicals among others received $191,335,087.10 or 22.05% of the figure.

Commenting on the data, the acting director, corporate communications department of CBN Isaac Okorafor said the release of the figures underscored the transparency of the bank in foreign exchange management, 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. It will be recalled that 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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