Banking

CBN Buoys Market With $303.9m Ahead Of Yuletide ……prioritises raw materials, machinery with $229.89m

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

A release on the apex bank’s intervention showed that priority was given to the real sector of the economy with the sale of 75 per cent of the day’s sales amounting to $229.89 million for raw materials and machinery.

Confirming the sales, the Acting Director, Corporate Communications Department of the apex Bank, Mr. Isaac Okorafor, hinted that various sums were also offered to other vital sectors like 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, the Director noted with sense of satisfaction that the Naira exchange rate had not only remained stable and that accretion to the foreign reserves is sustained but the Bank had so far met all the legitimate demands from genuine customers.

BRTnews.ng had reported early this week that the apex bank had supported the market with about $12.22 billion so far this year. With last Friday’s sale, the figures are believed to be hovering around $12.53 billion.

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