Forex utilisation: CBN disburses $2.83bn in 2 months

Amidst wide allegations of unwholesome practices in disbursement of foreign exchange, Central Bank of Nigeria (CBN) on Thursday said it disbursed the sum of $2.83 billion for utilisation in the critical sectors of the economy between December 2016 and January 2017.

In a release by the acting director, corporate communications department, Mr Isaac Okorafor stated that manufacturing, raw material and agriculture among others topped these disbursements targeted at employment generating and wealth creating sectors of the economy.

Meanwhile, the sum of $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 same period.

The foreign exchange utilization figure 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, the Okorafor, stressed the determination of the Bank to continue to ease the foreign exchange pressure on critical sectors.

It will be recalled that the CBN in the month of November 2016, supported critical sectors with $1,070,175,392.04 equivalent of foreign exchange for agricultural machinery, industrial raw materials, education and personal travel allowances to source industrial raw materials and spare-parts through the interbank foreign market.