CBN floods forex market with $303.9m ahead of Yuletide •Sets aside $229.89m for raw materials and machinery

Posted by News Express | 10 December 2017 | 1,441 times

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The Central Bank of Nigeria on Friday closed the market for the week with sale of $303.9 million in the foreign exchange market.

Breakdown of the total sales indicates that much priority was given to the real sector of the economy with the sale of 75 percent of the day’s sales amounting to $229.89 million for raw materials and machinery.

Confirming the sales, the Bank's Acting Director, Corporate Communications Department, Mr. Isaac Okorafor said that various sums were also offered to other vital sectors such as 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, Okoroafor noted with nostalgia that the Naira exchange rate has not only remain stable and considerable accretion to the foreign reserves, but the Bank had so far met all the legitimate demands from genuine customers.

Source: News Express

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