CBN releases $5.43bn FX in five months to sectors

The Central Bank of Nigeria (CBN) has disbursed the sum of $5.43 billion for utilsation in critical sectors of the economy between September 2016 to January 2017, available data show.

From the published data, the apex bank sold $660 million in September 2016, $867 million in October 2016, $1.07 billion in November 2016, $1.839 billion in December 2016 and $989 million in January 2017.

The Acting Director, Corporate Communications Department, Mr. Isaac Okorafor said that manufacturing, raw material and agriculture among others topped these disbursements targeted at employment generating and wealth creating sectors of the economy, in all the months.

Meanwhile, the sum of $609 million and $228 million were released for raw materials in the months of December and January respectively while manufacturing also attracted the sum $53 million and $71 million respectively during the same period.

In foreign exchange utilization figures indicate that the sums of $1.839 billion and $0.989 billion, respectively, were extended to critical sectors like manufacturing, agriculture, petroleum products and airlines, among others, in December 2016 and January 2017.

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