CBN head office in Abuja

The Central Bank of Nigeria (CBN) has directed authorised foreign exchange dealers to allocate at least 60 per cent of forex to the importation of raw materials for the manufacturing sector.

A CBN circular signed by Mr W.D. Gotring, its Assistant Director, Trade and Exchange Department, said that the gesture was to address an observed imbalance to the sector.

According to the circular, the apex bank notes that a negligible proportion of foreign exchange sales are being channelled towards the manufacturing sector.

“Authorised dealers are hereby directed to henceforth dedicate at least 60 per cent of their total foreign exchange purchases from all sources to end users, for the importation of raw materials, plants and machinery.

“The balance of 40 per cent should be used to meet other trade obligations visible and invisible transactions,’’ it said.

The circular mandated dealers to publish weekly sales of foreign exchange to end users in the national Newspapers and render statutory returns of sales on same to the CBN promptly. (NAN)