$660m Forex: List Of Beneficiary Banks, Manufacturers

Forex Sale

By Modupe Gbadeyanka

Few days ago, the Central Bank of Nigeria (CBN) released the list of beneficiary banks that received the $660 million it disbursed to the manufacturing sector through the interbank market over a one month period.

From the list released on the CBN website, it was observed that the banks received a total of $660,173,976.46.

The apex bank revealed few weeks ago that the release of the money followed claims in some quarters that manufacturers were finding it difficult to access forex.

The $660 million was made available to the manufacturers through the interbank market to source for raw materials and spare parts to boost production capacity over a one month period.

See the list and beneficiaries here:

https://www.cbn.gov.ng/Out/2016/CCD/FX%20UTILIZATION%20BY%20DMBs%20FOR%20SEPTEMBER%202016%20IRO%20RAW%20MATERIALS%20PLANT%20MACHINERY%20REDUCED%20VERSION.pdf

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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