The Central Bank of Nigeria (CBN) has approved requests for foreign exchange valued at N1,003,373,891.75 through the inter-bank window to enable industries procure materials and machine spare parts.
This, according to the apex bank, is in line with its determination to ensure seamless flow of activities in critical sectors of the economy.
The CBN forex utilisation figures published for December, shows that the industrial raw material group got the highest share of N483,075,669.82, approximating to 48.1 per cent.
Petroleum and aviation sectors received N372,116,111.79 and N123,666,001.06 or 37.1 per cent and 12.2 per cent. Agriculture received N24,516,109.09 or 2.1 per cent.
Commenting on the development, the Acting Director, Corporate Communications Department, Isaac Okorafor, stressed the commitment and resolve of the apex bank to easing the foreign exchange pressure of these critical sectors through forward sales under the new Flexible Exchange regime.
The CBN in September and October supported these critical sectors with $660million and $867million equivalent of forex to source industrial raw materials and spare-parts through the interbank Forex market.