Raw materials, machinery get higher share of CBN $303.9m supply

by | December 9, 2017 10:14 pm

Raw materials and machinery received the largest share of $303.9 million foreign exchange injection into the market by the Central Bank of Nigeria (CBN).

The CBN on Friday, December 8, 2017, closed the market for the week with sale of the sum of $303.9 million in the foreign exchange market.

The breakdown of the total sales indicate that much priority was given to the real sector of the economy with the sale of 75 per cent of the day’s sales amounting to $229.89 million for raw materials and machinery.

Confirming the sales, the Acting Director, Corporate Communications Department of the apex Bank, Isaac Okorafor, hinted that various sums were also offered to other vital sectors like the agriculture and airline which got $24.68 million and $12.467 million respectively, while petroleum products got 36.89 million.

On the performance of the foreign exchange market in the out-going year, the Director noted with nostalgia that the Naira exchange rate has not only remain stable and considerable accretion to the foreign reserves but Bank had so far met all the legitimate demands from genuine customers.


Hope Mose-Ashike