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CBN Disburses $356m For School Fees, Medicals, Others


By Dipo Olowookere

A total of $355.74 million was released by the Central Bank of Nigeria (CBN) for raw materials imports in the month of October.

This information was revealed by the apex bank via a statement signed by its acting Director of Corporate Communications Department, Mr Isaac Okorafor.

Out of the $356 million released by the CBN for raw materials FX intervention, payment of school fees, medicals and other invisibles got the lion’s share.

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According to the statement, the total amount disbursed was about 40.99 percent of the total $867.83 million for CBN special interbank foreign exchange package.

It was disclosed that from the amount, the petroleum industry got $150.81 million, the manufacturing sector received $91.27 million.

The CBN noted that the disbursements were based on a total of 7,792 requests that were received for vital raw materials and spare parts sourcing, adding that it had given access to about 7,792 requests for foreign exchange valued at over $867 million to manufacturers and other strategic actors in the Nigerian economy.

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“Companies and other interests in the agriculture sector got access to $13.7 million for the period, while entities in the aviation sector received 10.3 million dollars,” the statement further said.

It also said finished goods and others got allotments of $43.8 million and $10.7 million respectively in October 2016.

According to the statement, the figures were derived from a summary of the Forex Utilisation for the month of October.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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