The central bank of Nigeria will sell $500 million through FX forwards to banks, for onward sales to their customers.
The focus of this disbursement to is ensure that manufacturers get the required foreign exchange (FX) for the importation of critical raw materials as well as meeting the pent-up demand for the greenback.
The move, which is also aimed at boosting economic activities in the country, would cater to some of the FX demand of manufacturers that want to import plants and machinery, raw materials and agriculture equipment.
A top official of the CBN, said banks were notified last week and given till noon today to send the list of FX requests from their customers in the manufacturing sector.
