In fulfilment of its pledge to fund
forward sales under the flexible FX regime, the Central Bank of Nigeria
(CBN) has revealed plans within the next few months, fund the 60-day
forward sales and request from the agricultural, aviation, machinery
and raw materials sectors, thus guaranteeing letters of credit (LCs) for
importers to ship in required goods.
Also, a four-paragraph statement from the
Acting Director, Corporate Communications Department, CBN, Mr. Isaac
Okorafor confirmed that the CBN would fund the requests from the various
sectors in the secondary market interbank thereby giving a boost to the
importation of required goods for the overall development of the
economy.
According to Okorafor, importers in the
agricultural sector would be getting the largest percentage allocation
of 62 percent of their requests, while importers of machinery would
receive 53 per cent of their requests. Other sectors to receive
allotments are the airlines, which will have 32 percent of their request
settled, as well as the importers of raw materials.
Okorafor explained that the move by the CBN to
settle the 60-day forward sales amounting to over $300 million would
further ease pressure on the Naira and improve market liquidity. THIS DAY
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