The Central Bank of Nigeria on Thursday said it had disbursed the sum of $2.83bn worth of foreign exchange for the importation of various types of equipment in the real sector of the economy.

The amount was made available to the manufacturers to enable them source for raw materials and spare parts to boost production capacity.

The Acting Director, Corporate Communications Department, CBN, Mr Isaac Okoroafor, who confirmed the development said the amount was released in the last two months covering December 2016 and January 2017.

Okorafor explained that manufacturing, raw material, and agriculture among others got the highest amount, adding that this was done by the apex bank as part of its measures to create jobs, reduce the level of poverty and ensure inclusive growth in the economy.

Providing a breakdown of the forex allocation, he said $609m and $228m were released for raw materials in the months of December and January respectively, while manufacturing got $53m and $71m respectively during the same period.

Okorafor, said the apex bank would continue to play its role by easing the foreign exchange pressure on critical sectors of the economy.

He said, “The Central Bank of Nigeria has disbursed the sum of $2.83bn for utilisation in the critical sectors of the economy between December 2016 and January 2017.

“Manufacturing, raw material and agriculture among others topped these disbursements targeted at employment generating and wealth-creating sectors of the economy.”

Okorafor had last month explained that the CBN was committed to ensuring that manufacturers of goods for which Nigeria does not enjoy comparative advantage were able to get letters of credit to import the required materials for their businesses.

He had stated that since the CBN introduced restrictions on the sourcing of forex for 41 items from the inter-bank market, the restriction had indeed yielded positive results.

He urged manufacturers to take advantage of the policy, which he noted was part of efforts by the CBN to ensure that Nigeria reclaims its status as a major producer through backward integration.

This, according to him, would assist in conserving billions of foreign exchange spent on import bills annually.

http://www.kikiotolu.com/2017/02/cbn-releases-28bn-to-manufacturers.html

Lalasticlala Mynd44 seun Dominique

Smh

Hmm... At what rate?

Good for us. Slowly bt surely we'll get there.
God bless pmb, God bless naija!

^^^^Don't mind d poster above me;he has no single Biz hence doesn't know d diff between theory of CBN and reality manufacturers face,Common toothpick he doesn't produce.
Trial and error government.

I hear

But why is the Naira on a free fall then?

nextstep:
Hmm... At what rate?

Good question

And we are still struggling

Until Nigeria come hard on currency hawkers and make it a capital offence but allowing only Bureau de change and banks to do the business, the Naira will continue to fall. No matter the intervention of CBN, the mallams will continue to jeopardise their efforts. We have a very unique society that requires firmness to succeed.

the scam continues
on Wednesday, it was Nigeria foreign reserves rose to $30.9 despite recession

they forgot to tell us there is some backlogs of demand of dollars yet unsettled.... Now the news today is they have settled manufacturers with $2.83b ...when are they going to tell us the foreign reserves has now reduced.....

If you are in the US or have relatives in the US trying to send money to naija, I will exchange the funds at 420/$, simply deposit into my US bank account and receive instant funding into your Nigerian account. Don't bother with western Union and co, they exchange at 375/$ with fees and the exchange rate drops to around 345/$.

See my contact below.

But why are price of local goods going higher and higher .e.g one ton of locally produced iron rod is been sold for 265k from 105k. This disbursements of dollar to manufacturing sector is useless cos they are really adding to the problem.

Our voodoo economics in display . . .

Rockquest:
Until Nigeria come hard on currency hawkers and make it a capital offence but allowing only Bureau de change and banks to do the business, the Naira will continue to fall. No matter the intervention of CBN, the mallams will continue to jeopardise their efforts. We have a very unique society that requires firmness to succeed.

Exactly! The only issue now is that banks profit from the current fragmented structure of forex exchange. A pal just told me how earlier last week while inside a branch of GTB, a mallam was openly and brazenly selling forex INSIDE the banking hall. Like there was a small queue of people that organised themselves to make purchases from him. There are also politicians and CBN big boys profiting from this structure as well. So maybe the true solution may lie deeper than you postulated. Its a pity

Rockquest:
Until Nigeria come hard on currency hawkers and make it a capital offence but allowing only Bureau de change and banks to do the business, the Naira will continue to fall. No matter the intervention of CBN, the mallams will continue to jeopardise their efforts. We have a very unique society that requires firmness to succeed.

Una don start again.

All these Economic Nazis like your Grand Patron Bubu.

Capital offense to sell currency. You should be hanged for making such a vile suggestion.

-Lord

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The CBN should provide better details- the rate of the FOREX and the beneficiaries.

No company has ever acknowledged such benefits . All we hear is dollar increase and ultimately price increases. Even companies that benefit from government grants and low interest loans are acting as if they are funded by commercial banks.

CBN needs to provide better visibility on its business.

The question is , are some of these manufacturers truly buying raw materials?.... some of these manufacturers will get a huge amount of dollars from the Apex bank at interbank rate then resell it at pararell rate making a huge profit without buying the needed raw materials. Let FG and EFCC monitor these manufacturers and make sure that these raw materials for which the money was meant for was actually purchased.

..

what about students who needs forex


n if you say trash thunder will strike you


coz all your president children didn't school here


there is a reason for that