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Market Digest Nigeria

Business

Forex: CBN allocates $2.83bn to the Manufacturing, Agriculture, and other sectors

The Central Bank of Nigeria (CBN) says it disbursed 2.83 billion dollars to critical sectors of the economy between December 2016 and January 2017.

According to Acting Director, Corporate Communications Department, Mr. Isaac Okorafor, manufacturing, raw material and agriculture topped the list of beneficiary sectors, in an exercise he said targeted employment generating and wealth creating sectors of the economy.

He said that $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 period under review.

A further evaluation of the disbursement, the Ag Director said indicated that $1.839 billion and $0.989 billion, respectively, were extended to critical sectors like agriculture, petroleum products and airlines, among others in December 2016 and January 2017.

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

The CBN had in November 2016, supported the critical sectors with $1.07 billion equivalent of foreign exchange for agricultural machinery, industrial raw materials, spare-parts and education, as well as, personal travel allowances through the interbank foreign market.

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